Cryptographic merchants are buying Bitcoin (BTC) in Kraken, one of the 10 largest cryptocurrency exchanges, since the price slides to a minimum of three months, said Alexia Theodorou, director of Derivatives of Coendesk.
BTC fell less than $ 88,000 shortly before the publication, since Nasdaq’s futures pointed out the continuous risk aversion in Wall Street and Yen, a shelter in agitation times, remained firm against the US dollar and product currencies Basic growth sensitive as the Australian dollar.
The decrease in BTC follows an increase of $ 1 billion in the position of open futures in Binance on Monday night, most likely because merchants take short in anticipation of a deeper price drop.
However, gangs hunters have intervened in Via Kraken, raising the long -term perpetual relationship to a 0.8 record. The relationship measures the proportion of open purchase positions in relation to active sales positions at a given time.
“Although Bitcoin’s price fell below $ 90k, Kraken has seen an increase in merchants who open long positions in their perpetual BTC markets,” Theodorou said in an interview. “The long/short relationship has risen to a record of ~ 0.8, while the open interest has reached a maximum of four weeks. This suggests that merchants could anticipate a rebound and” buy the dip. “
While evidence of demand for immersion in Kraken is an encouraging signal for the Bulls, the long -term relationship remains below 1, which means that there are still shorter than long in the exchange.
“While this [record long-short ratio] It talks about the positive feeling of the market in the market, the liquidations are still at relatively normal levels, which means that there may still be excessive leverage in the system. Potentially, this could leave the market vulnerable to more downward movements, possibly in the form of a long long term, “Theodorou said.
