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Bears batter Bitcoin market sentiment as Bitfinex margin shorts surge 378%

Published 06/07/2021, 08:00 AM
Updated 06/07/2021, 09:40 AM
Bears batter Bitcoin market sentiment as Bitfinex margin shorts surge 378%
BTC/USD
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BTC/USD
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Bitcoin (BTC) bulls should brace for a potential onslaught from bears as the number of margined short positions on Bitfinex jumps by a little over 378%.

Known to most by the ticker BTCUSD Shorts, the dataset records the number of bearish positions in the Bitcoin market. In simple terms, traders borrow funds from Bitfinex — their broker — to trade bet on bearish outcomes for the instrument BTC/USD. Meanwhile, the value of opened short positions is measured in BTC.

Bitcoin crashed by 30% following a jump in BTCUSD Shorts positions on Bitfinex. Source: TradingView
Bitcoin long exposure on Bitfinex high despite recent spikes in bearish positions. Source: TradingView
BTC funding rates history. Source: Bybt.com
Bitcoin Exchange Net Flow hits 19-month low. Source: Glassnode

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