2023-12-12 17:37:21
Nearly $1 billion worth of BTC PRICE longs were closed on Bitfinexnél, on one of the oldest crypto exchanges used by some bitcoin maxi.
About 20,000 BTC ($830 million) long positions have been closed since last month, bringing total positions down to 70,900 from over 92,000.
Most of the long positions, about 10,000 bitcoins, were closed on November 28, and then drifted downwards, while on December 7, 4,000 bitcoin long positions were closed.
Almost no one is shorting on Bitfinex, according to their data, only 470 bitcoins are affected. However, this was not always the case. In June 2021, for example, there were about 20,000 BTC in short positions.
About half of the longs were formed from April 2022 until last June. They lasted until the FTX crash in November, but in March 2023 they closed 10,000 BTC and now another 20,000.
These data are not audited. Last month, about 100,000 ($220 million) Ethereum longs were locked out of the 200,000.
Ethereum shorts are also negligible, only 2000 ETH PRICE , and it is not clear if these are liquidations or voluntary closures, but overall the number of longs is down.
These medium and long-term long positions may simply indicate profit realization. Overall, they have retained 50% of their profits from long positions over the past one year while weathering the FTX crash in November and continue to hold approx. 50% of it.
They didn’t turn bearish, they didn’t go short. In general, they are still optimistic, they are just rebalancing their portfolios.
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