Bitfinex Registers Significant Spike in BTC Shorts, Elon Effect or CME Option Expiry Impact?
Bitfinex crypto exchange has registered a significant spike in short positions over the past 4 hours. A total of 10,000 BTC were shorted on the crypto exchange in the said period estimated to be worth $33 million.
10k btc in less than 4 hours. pic.twitter.com/ccybKBMlJs
— WhalePanda (@WhalePanda) June 25, 2021
The sharp rise in short positions was attributed to whale loaning a significant portion on Bitfinex. According to Wu Blockchain, a whale borrowed over 15,000 BTC on the exchange that broke the long-short ratio and the number of short positions increased significantly.
The whale borrowed 15,157 bitcoins on Bitfinex. The balance of long-short ratio was broken, the proportion of shorts rose, and bitcoin fell below 33,000 US dollars. pic.twitter.com/O5JZ3VCh4g
— Wu Blockchain (@WuBlockchain) June 25, 2021
Many of crypto Twitter also believed the shorting could be influenced by Elon Musk’s trolling of Bitcoin earlier today. Musk has been obsessed with taking potshots at the Bitcoin community ever since his fallout a couple of months back. Musk’s tweet is believed to have a volatile impact on the market and many accuse him of knowingly manipulating the crypto market.
Earlier today Musk had taken another potshot on Bitcoin Maxis with a joke.
“That’s not funny!” – Bitcoin maxis
— Elon Musk (@elonmusk) June 25, 2021
Would Bitcoin Head into Another Bearish Weekend?
Apart from heavy lending by Bitcoin whale and the possible Musk effect, many also pointed towards the expiry of the CME options contracts that are believed to have a bearish and volatile impact on Bitcoin price. Over the past couple of months since the May second week 50% crash, the weekends have proven to be bearish with low liquidity.
The top cryptocurrency bounced back strongly from its Tuesday crash below the key support level of $30,000 recording a new 5-month low but failed to get past the $35k resistance. BTC has lost nearly half of its valuation from April ATH, but Bitcoin proponents such as Mike Novogratz and few others beleive the market is from reaching its top.
- Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- James Wynn Takes XRP Long Bet After Ripple Prime Announcement
- Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide