Crypto Traders See Near All Time High in Bitcoin Shorts As $50 Million Closed in Past Few Weeks
Bitcoin Shorts Still Are Near The All-Time High As $50 Million USD Closed Since Mid-August
Today we will make a quick analysis of the Bitcoin market lately. While $234 million worth of Bitcoin is currently betting that the BTC price will go down, the price has been going up in the last two weeks and it is leading to about 7,000 Bitcoin shorts, which are around $50 million that will be closed or called.
As a total of 2,000 BTC just closed today (worth about $14 million USD), the prices for Bitcoin have risen above $7,000 USD after a market low of under $6,000 recently. Bitcoin shorts remain near their all-time high price, though, while Bitcoin longs are starting to rise.
Since mid-August, shorts have remained above the Bitcoin longs by about 5,000 Bitcoin. There has been a margin calls cascade in mid-July and the long were far higher then than they are now while their price fell from $8,500 USD to $5,900 USD on Gdax. Because of this, some people are betting that the reverse will happen soon with a potential shorts cascade on the table if the price is still steadily moving up.
The Ethereum Market
The Ethereum (ETH) shorts have jumped since the middle of August and now they are doubling from their all-time low. They went from 80,000 to 160,000 before dropping to 135,000 again today. According to our numbers, this is $23 million USD worth of ETH that was recently added to the shorts just recently.
As the shorts for ETH have been on an all-time high during most of the summer and the longs were near the all-time lows.
The Tether USD Market
You can also see the Tether (USDT) indicators. The market cap of the USDT has risen by more than $100 million USD even though it does not look like any USDT was printed. Nearing a market cap of $3 billion, 1.3% of the whole crypto market, Tether USD has been on the rise lately.