Traders Are Loading Up On Bitcoin Longs: What Does This Mean?

Bitcoin may have crashed 50% in a single day in March, but this hasn’t stopped traders from investing in the cryptocurrency. In fact, a number of data sources suggest that a majority of investors are starting to load up on their BTC positions, despite the uncertainty in the global economy.

Bitcoin Investors Are Buying At a Rapid Clip

According to screenshots of crypto-enabled retail brokerages based in the U.K. shared by trader Nik Patel, users of these platforms are long on Bitcoin. In fact, for is signaling that 78% of client accounts are long on the cryptocurrency. This isn’t the only evidence suggesting that the majority of crypto market participants are leaning long. Qiao Wang of Messari, a former institutional trader, recently shared the below chart, which shows the Bitcoin order book for Coinbase Pro. Read More...

Antminer Banner.png