Margin-longs for Ethereum are exploding today on both BitMEX and Bitfinex. Some 85% of all margin-calls are currently long for Ethereum 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.
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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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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