Bitcoin (BTC) and ether (ETH) went up by as much as 4% in the last day because people are feeling hopeful about a potential approval for a spot exchange-traded fund (ETF) in the U. S Continued to increase, and high prices for gold helped the situation.
Bitcoin went over $41,000 on Monday, which means its value has gone up by more than 152% so far this year.
According to CoinGlass, cryptocurrency futures positions worth $220 million were sold by exchanges over the weekend. Almost 85% of the tally was made up of people who were very confident and positive about their investments.
More than $120 million in bets against the price of bitcoin going up have been lost since Friday. In other places, more people started betting on the market going up or down on Monday, increasing the total amount of money at stake by 6%.
At Coinanlyze, analysts noticed that the amount of money people were betting on BitMEX increased by 90% in just a few hours, reaching $420 million from $200 million on Saturday. This suggests that a big player made huge bets on the platform.
Liquidation means when an exchange closes a trader’s position because they lost some or all of their initial margin. This happens when a trader doesn’t have enough money to keep a trade open.
Big sales can show when the price of something is at its highest or lowest point, which can help traders to make the right moves.
This information helps traders because it shows when leverage is reduced in popular futures products. This can signal that the price of these products might become less volatile in the short term.