Bitcoin’s (BTC) long-to-short indicator, a major metric that compares the number of long positions with the number of short positions in the market, has fallen to its lowest point in two weeks. Meanwhile, top crypto analysts recommend ETFSwap (ETFS) for traders and investors seeking to protect their valuable assets.
Long-to-short Indicator Reflects Dwindling Interest Among Bitcoin (BTC) Top Traders
The ratio of long and short positions (long-to-short indicator) in the Bitcoin (BTC) market has dropped to a 2-week low, following the gauging of the aggregate positions on the Binance and OKX exchanges.
The metric dropped from 1.8x favoring longs (buy) on July 2 to 1.2x favoring shorts (sells) on July 6. The significant reduction in bullish leverage positions signifies that traders are losing interest in the cryptocurrency. This is no surprise, as Bitcoin (BTC) has had a terrible run in the market in most of Q2 2024.
The negative development is also suspected to be caused by the FUD caused by Mt. Gox’s impending distribution of nearly $8 billion in Bitcoin (BTC). Despite the expected benefits of injecting such large liquidity into the market, the timing of the redistribution is yet to be confirmed, and creditors are likely to hold on to their allocation rather than sell to the market.
With no hope for a short-term price surge in sight, Bitcoin’s (BTC) top traders are choosing to cut their losses and wait out the storm. While predicting the drivers for the next bull run is hard, restoring traders’ confidence must be a priority.
ETFSwap (ETFS) Helps Investors Diversify Their Portfolio Even Amid Uncertain Markets
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ETFSwap (ETFS) features around-the-clock market coverage that assists traders in looking for market opportunities to be profitable. Thanks to the platform’s dedication to improving traders’ abilities, users never miss a trading opportunity and can react swiftly during market fluctuations.
ETFSwap’s aim of maintaining a secure trading environment has led it to employ robust security measures and protocols. To that end, the platform was thoroughly audited by Cyberscope and no significant security risks were found.
In an effort to maintain the highest standard of compliance and transparency, ETFSwap (ETFS) has successfully completed KYC verification from SolidProof, a smart contract security auditing firm.
Mt. Gox Distribution Creates Heat for the Price of Bitcoin
Mt. Gox has announced that it will be distributing about 95,000 Bitcoin (BTC) to victims who lost their assets in the exchange’s hack of 2014. Mt. Gox lost 850,000 BTC to the hack which caused the firm to then declare bankruptcy. In the aftermath, the exchange recovered 200,000 BTC and 10 years later, a set of affected customers will receive an allocation of Mt. Gox’s recovered Bitcoin (BTC).
Amid claims that the distribution convention planned for the recovered Bitcoin (BTC) is unfair and favors the rich, new information reveals the logic behind the decision. Since Mt. Gox declared bankruptcy, many individuals have settled and signed over their payout rights to larger investment firms. Nevertheless, over 65,000 BTC will still go to individuals.
The FUD, coupled with Bitcoin’s unimpressive performance lately has dipped the coin further. According to CoinGecko data, Bitcoin (BTC) is trading at $57,713, after hitting its lowest price in 4 months.
Conclusion
As Mt. Gox takes precedence in the distribution of Bitcoin (BTC) to its investors, it is still uncertain whether they will sell or hold their positions. Hence, as the market proceeds, traders are unsure of what will trigger the price of Bitcoin (BTC) to new heights.
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