The long-to-short ratio of leveraged traders at Bitfinex just soared to a new all-time high! noshitcoins explains why this is not necessarily a bullish event.
Sept. 12 will leave a mark that will probably stick for quite a while. Traders at the Bitfinex exchange vastly reduced their leveraged bearish Bitcoin bets and the absence of demand for shorts could have been caused by the expectation of cool inflation data.
Pinpointing the market downturn to a single inflationary metric would be naive. A Bank of America survey with global fund managers had 62% of respondentsthat a recession is likely, which is the highest estimate since May 2020. The research paper collected data on the week of Sept. 8 and was led by strategist Michael Hartnett.
As the above chart indicates, on Sept. 12, the number of BTC/USD long margin contracts outpaced shorts by 86 times, at 104,000 BTC. For reference, the last time this indicator flipped above 75, and favored longs, was on Nov. 9, 2021. Unfortunately, for bulls, the result benefited bears as Bitcoin nosedived 18% over the next 10 days.To understand how bullish or bearish professional traders are positioned, one should analyze the futures basis rate.
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