The number of bearish positions in Ethereum (ETH) on the Bitfinex exchange has updated the historical maximum.
At the time of writing the number of short orders in a pair of ETH/USD is around 200 000. Yesterday this figure was 211 000, which is the highest value for all time.
Data: TradingView
Compared to the previous week, the number of short positions increased by about 80%, and towards the middle of August by more than 160%.
Note that Bitfinex is not the world’s largest stock exchange by trading volume Ethereum:
Data: CoinMarketCap
The increase in the number of short positions on the ETH occurs on the background of strengthening of bearish sentiment. Thus, during 5-6 September, the price of bitcoin fell more than $1100 (about 15%). Total market capitalization during the same period decreased by $40 billion.
Currently, the total cost is represented on the cryptocurrency market is $204 billion, the Largest share of bitcoin — 54.9 per cent.
As for Ethereum, the price did not move against the market. If three or four days ago ETH were traded at around $280-290, currently the price is close to $219.
Compared to their January highs ($1200-1300) price Ethereum dropped to date, more than 80%. Thus, it is not surprising that investor confidence in the growth of the second capitalization crypto-currencies now very low.
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