Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally. Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex As pointed out by an analyst in a CryptoQuant post, the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin. The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the Bitfinex exchange. When the value of the indicator is high, it means a bullish sentiment is more dominant among investors on the platform right now. Related Reading: Why Bitcoin At $100K Is Just A “Matter Of Time”, Says Bloomberg Intelligence On the other hand, low values could suggest whales on the exchange currently don’t believe the coin’s price is going to go up soon. Now, here is a chart that shows the trend in the ETHUSD long positions on Bitfinex during the past year: The value of the metric seems to have sharply declined in recent days | Source: CryptoQuant As you can see in the above graph, the quant from the post has marked the relevant points of trend for the ETHUSD Bitfinex longs during the period. It looks like whenever Ethereum long positions on the platform have observed a plunge down, so has the value of the crypto. This trend ...
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