Bitcoin
Whale wallets open leveraged long positions as retail traders stay short
Two major Bitcoin holders established $86.2 million in leveraged long positions while most traders positioned themselves for further price declines.
With Bitcoin trading around $62,838 after a 4 percent weekly loss, two whale wallets bucked market sentiment by establishing leveraged long positions totalling 1,364 Bitcoin worth $86.2 million. One whale opened a 20x leveraged long on 840 Bitcoin valued at $52 million, already down $714,000 as prices dipped. The second opened a 20x position on 523 Bitcoin worth $32 million, down $473,000.
However, broader market positioning tells a contrasting story. The Long/Short Ratio remained below 1.0 for three consecutive days, sitting at 0.84 at time of reporting, indicating that most traders held short positions expecting further losses. The Bitcoin Estimated Leverage Ratio declined over the same period, suggesting traders were deleveraging rather than building new positions, signalling weakening speculative demand.
Technical indicators reinforce the bearish bias. The Relative Volatility Index fell to 48, below the 50 midpoint, indicating intensifying price declines amid weakening buying pressure. The Bulls Bears Power indicator showed sellers controlling the market. Under these conditions, a break below the $62,000 support level could see Bitcoin fall to $60,270, with low volatility suggesting limited upside momentum.
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