Skip to content

Liquidations could be won as the Altcoins bulls hold on

June 13, 2020

In spite of yesterday’s 8% drop in Bitcoin (BTC) prices The long positions of altcoins, which pushed many bulls out of the markets, declined only slightly Ether (ETH) defies the trend with a light recovery test the latest all-time highs at Bitfinex.

However, Altcoins bass players come into play quickly, Many altcoins are piling up amid the recent fall in Bitcoin prices.

Many cops cling despite the Increase in short contracts, With several large crypto assets, settlements could increase. iregardless of the direction the markets are heading finally.

BTC long contracts withdraw strongly

Liquidations could be won as the Altcoins bulls hold onLiquidations could be won as the Altcoins bulls hold on

Longs on Bitfinex fell more than 10%from 28,800 to approximately less than 26,000. The BTC / USD shorts also saw an increase of almost 16%.

BTC / USD craves Bitfinex, 4 hours

Short BTC / USD contracts on Bitfinex, 4 hours: trading view

The collapse also led to wholesale settlement on derivatives exchanges Margin claims over $ 71 million at BitMEX and Binance futures of $ 66 million third in the last 24 hours largest daily settlements from last month according to cryptometer.

Ether longs for bulls to hold on

Yes OKn the altcoins did not see any strong liquidations on the futures platforms, a sharp point in the shorts along with stubborn bulls could create the perfect storm for an aggressive round of margin calls.

While a lot of Bitcoin bulls quickly became bearish, ETH experienced long positions a slight increase of 2.5%, Bitfinex is currently testing the latest record highs of 1.77 million.

Ongoing buying activity suggests that some market participants are predicting this Ether can continue to make profits on the dollar despite bearish signals in the Bitcoin markets.

ETH / USD craves Bitfinex, 4 hours

Long ETH / USD contracts at Bitfinex, 4 hours: trading view

Altcoins shorts suddenly go up

However, The Bitcoin collapse also triggered an aggressive surge in short ETH / USD contracts. that increased by more than 18% in less than 60 minutes.

ETH / USD shorts on Bitfinex, 1 hour

Short ETH / USD contracts at Bitfinex, 1 hour: trading view

Similar trends can be seen in other leading altcoin markets Litecoin (LTC) longs only drop 2.5% Short positions rose more than 30% and XRP bulls only retreated 3.5% as short positions flew 15% within a few hours.