Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?
Bitcoin price reached over $86,000 on April 21, influenced by US President Donald Trump's comments on Federal Reserve Chair Jerome Powell. Traders on Bitfinex reduced leveraged long positions by over $100 million from April 17 to April 19, raising speculation about potential price corrections. Despite this reduction, Bitfinex whales maintain significant bullish positions, holding 79,136 BTC in margin longs valued at $6.86 billion, compared to only 326 BTC in shorts. The difference in positions is partly due to the low 2% annual interest rate on the platform. Historical data shows that changes in leveraged positions do not always correlate with Bitcoin price movements. A $106 million reduction in margin longs does not indicate a bearish shift among professional traders, who continue to accumulate despite recent price fluctuations.
