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

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In Brief
  • More than three-quarters of all margin traders on Ethereum are now long on both BitMEX and Bitfinex.

  • Some 2.3M ETH is now margin-long and they continue to pile up.

  • The last time we saw longs for Ethereum pile up like this was on April 10.

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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.

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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.

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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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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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