Some 490,000 eth is currently betting long, worth about $118 million at current prices.
That’s up from a recent low of ◊360,000 on the 14th of May, with ◊100,000 added since then, worth about $27 million.
As can be seen above, ethereum longs were on an upwards trend in December to an all time high of ◊580,000 on the 10th of April.
Since April, they kept falling even while price was rising, down by more than ◊200,000 until they started rising again.
While the story for eth shorts is a bit different. They have plunged without recovery since December.
As you can see, ethereum shorts reached an all time high of ◊440,000 on the 7th of December, with about ◊200,000 shorts added on just that day.
They quickly then drop, with that ◊200k potentially being just one person or group or maybe bears became over exuberant.
So we have a sideways until circa mid-February, then down and down to now about ◊70,000, an all time low first reached on April 1st where it has kind of stayed since.
It isn’t easy to read much from the above as most longs and shorts are on Bitmex, OKex, Huobi or the newcomer Deribit.
Yet it seems to suggest that there isn’t much of an expectation of price going down as sentiment appears to have changed.