Binance Investors Hold Bitcoin Fall: 70 Percent Turned Long!
Despite the decline in Bitcoin (BTC) and cryptocurrencies, investors continue to load up on the futures market.
According to the data provided by Hyblock, despite the decline in Bitcoin price, investors did not give up their long appetite.
The data revealed that 70.25% of accounts on Binance are currently in a net long position in Bitcoin. This data showed that just 24 hours ago, this rate was around 57%.
They're trying to get the bottom
Stating that investors are trying to get to the bottom despite all the declines, Hyblock pointed out that this situation brings more volatility and liquidity clearing.
@filbfilb, founder of the On-chain analysis platform Decentrader, who recently made a similar statement, stated that despite the drop in price, the open interest rate on the exchanges increased to 1.5 billion dollars.
An open interest rate this high was seen before Bitcoin dropped around 3% on Friday.
According to CoinGecko data, Bitcoin, which has increased by 0.8% in the last 24 hours, is traded at $ 67,200 at the time of writing.