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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitfinex Longs Dominate Shorts, But Is This Bullish or Bearish For Bitcoin?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin bitfinex domination

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The cryptocurrency exchange known as Bitfinex is often the playground chosen for many whale traders, who take up large positions in Bitcoin and other cryptocurrencies using leverage to amplify their returns.

Typically, the ratio between longs and shorts is somewhat similar, with a slight edge going to longs due to how overly bullish crypto investors tend to be. However, the balance between the two types of traders has spiked in one direction, causing longs to completely dominate shorts on the platform. But what exactly does this mean for Bitcoin price, and is this bullish or bearish?

Longs and Shorts Reach 90/10 Ratio on Crypto Exchange

In a first for the cryptocurrency market, the ratio of longs and shorts on cryptocurrency margin trading platform Bitfinex have jumped to dominate 90% of the open positions on the exchange.

The ratio typically leans slightly toward longs but hasn’t reached these sort of extremes in the past.

Much of the long positions were taken by a lone crypto whale, who before yesterday morning’s rally and $1,000 surge, was underwater by as much as $25 million as Bitcoin price had fallen down to $6,450 before rebounding.

The whale is still down over $10 million at current prices, but considering how stacked long positions are on the platform, the whale and many other traders are fully expecting Bitcoin price to go up in the near term.

Can shorts go to zero? $BTC #bitcoin $btcusd pic.twitter.com/sczJyTPLFf

— CryptoHamster (@CryptoHamsterIO) December 20, 2019

But Is This Phenomenon Bullish or Bearish for Bitcoin?

Some analysts conclude that the metric is meaningless, and Bitfinex doesn’t move the market the same way BitMEX does, or that because Bifinex uses low leverage, these traders are less at risk of a squeeze of any type or liquidation.

Related Reading | Bitfinex Bitcoin Whale Currently Underwater By Nearly $25 Million 

However, there’s no denying that when market sentiment reaches an extreme, like the metric suggests, the market makes a contrarian move, causing maximum pain. The abundance of longs could suggest that traders would be underprepared and unsuspecting of a powerful move lower, which could cause a cascade of stops being hit, and a sizable long squeeze.

Or, the spike in the metric could be among the most bullish signals yet that Bitcoin’s next bull market is close, as traders on the platform feel the asset has reached a low enough price point, where they’re not concerned that the price will drop so significantly that it would result in liquidation or being forced to close out at a loss.

Indicators on the BTCUSDLONGS chart are suggesting that a massive pullback in long positions is far overdue, and will soon be closing. But longs only close when they’re at risk of further loss, or if they’re already sitting in much profit. We’ll soon find out the answer to what causes these longs to close, if at all, or if they’re held all along Bitcoin’s next bull run.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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