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The number of Bitcoin (BTC) longs on the Bitfinex exchange has increased over 74 percent in less than two weeks, currently approaching a new all-time high.
Given that Bitfinex is a major exchange, its dataset can be used as a proxy for the broader market sentiment.
Crypto traders are heavily betting on a bullish market reversal, with Bitcoin expected to post its biggest monthly loss ever this May.
Related
While some believe that such crowded trades tend to be contrarian, Bitfinex traders were on the right side of the market ahead of the May 19 crash. Three days prior to the massive wipeout, the number of short positions skyrocketed by 368 percent on the exchange, which was followed by a 77 percent plunge on the day of the massive correction.
Bitcoin is currently trading just above $37,000 after a modest three percent uptick which is too small to brighten up the flagship coin’s disastrous month.
Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.
