Three in every four Bitcoin traders are bullish on BTC
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Bitcoin (BTC) traders on the cryptocurrency exchange Binance have shown a bullish bias, with 75% of the 24-hour open positions being long. This hints at a positive sentiment from retail traders, but the volume remains neutral with a balanced long/short ratio.
This ratio refers to the last 24 hours for BTC/USDT perpetual contracts on Binance. Notably, this is, by a large margin, the most traded pair in the cryptocurrency market. Binance has over 50% of Bitcoin’s global volume, while the USDT makes over $1 trillion daily.
🔸 Follow the money: Overall volume remains neutral
On the other hand, the overall trading volume for Bitcoin derivatives in all markets remains neutral and slightly bullish. 51.54% of the trading volume deployed to open positions in the last 24 hours is long BTC.
The divergence between the number of accounts and the USD volume suggests that longs are mostly held by retail traders. Usually, this class of investors acts through emotion, making decisions motivated by FOMO or FUD and becoming a target of whales that can move the market up and down, liquidating retail traders for profit.
🔸 Bitcoin’s bearish and bullish contexts
Bitcoin faces a challenging time amid sell-offs by the governments of Germany and the United States. Moreover, Mt. Gox has announced the repayment of over $8 billion in BTC, which has been awaited for over a decade.
In this context, Bitcoin miners started capitulating with record-low reserves and produced hashrate. Meanwhile, old-time supporters like Peter Thiel have lost conviction in the cryptocurrency’s fundamental value proposition.
