What to know:
As the price of bitcoin (BTC) wilts like a forgotten flower in a dusty corner, the traders on Bitfinex are strutting their stuff as the self-proclaimed dip buyers. They offer a glimmer of hope to the beleaguered crypto bulls, who are desperately trying to predict the next market peak or trough, like a weather vane in a storm. 🌪️
With borrowed cash in hand, these traders are betting that the BTC price will rise, leaving them with a profit once they’ve repaid their loans. The number of bitcoins bought on Bitfinex has surged to over 60,000 BTC from a mere 50,773 this month. It’s like watching a balloon inflate—2% in just 24 hours, according to the wise sages at Coinglass and TradingView. 🎈
This increase in margin long positions is a resounding vote of confidence in the largest cryptocurrency, which has lost more than 20% this month. It’s on track for its worst monthly performance since June 2022. Talk about a rollercoaster ride! 🎢
Bitfinex traders are primarily whales—those hefty holders of bitcoin who dabble in margin longs. They have a knack for signaling the tops and bottoms of bitcoin prices, accumulating during downtrends like squirrels hoarding nuts for winter. 🐿️
Over a five-year span, these margin longs have consistently increased their holdings during price swoons and reduced exposure near market peaks. This pattern was as clear as day during the market tops of 2021 and 2024. 📈
As the crypto market tumbles, the sentiment is steeped in extreme fear, according to Coinglass’ Crypto Fear & Greed Index. In the past year, the market has only seen four days of extreme fear, while it has been dominated by greed and extreme greed for over 230 days. It’s like a soap opera, but with more drama and fewer commercial breaks! 📺
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2025-02-28 14:24