2.2M ETH Is Now Margin-Long, Signalling Bullish Momentum

Margin-longs for Ethereum BUY NOW are exploding today on both BITMEX and Bitfinex. Some 85% of all margin-calls are currently long for EthereumBlockchain is a digital LEDGER that’s used for storing data on several servers across the world in a decentralized, trustless... More compared to shorts.

The massive amount totals around 2% of the entire circulating supply. Indeed, 2.3M or so ETH is now now margin-long. The longs have continued to accumulate, as shown in the image below posted recently by lowstrife (@lowstrife) on Twitter.

A few days ago, BeInCrypto reported that ETH longs are up 90% so far for the year. Ethereum has also recovered 100% from its epic crash on March 13.

The last time we saw longs for Ethereum pile up like this was on April 10. Over 90% of margin traders were long on Ethereum then. The price at the time was $170 and is currently past the $200 mark.

It remains to be seen whether the overwhelming longs on Ethereum will end up being squeezed or if this is a real sign of bullish momentum.

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Images courtesy of Shutterstock, Trading View and Twitter.