Bullish Sign: Bitfinex Margin Longs Surge Over 3,000 BTC
CryptoNewsTerminal Staff02 Sep, 2024
Bullish Sign: Bitfinex Margin Longs Surge Over 3,000 BTC
Cryptocurrency options analytics firm Greeks.live's macro researcher Adam reported via X that "longs on Bitfinex’s margin market have increased by more than 3,000 BTC since Aug. 28." He added that “Bitfinex funding rates and longs have been leading indicators of bull market starts. Longs were increasing before the last two bull runs. We are also starting to see some large call options orders come into the market.” According to CoinMarketCap, BTC is trading at $59,374.23, up 0.41% in the last day. Bullish market indicators include long positions on Bitfinex's margin market, increasing funding rates, and a rise in call options orders. These signals have preceded previous bull runs, suggesting that the current market activity may be indicative of a positive trend. ```
