More than $100 million worth of bitcoin longs has been closed this month on Bitfinex, one of the biggest crypto exchange.
Bitcoin longs now stand at about 26,000 BTC as pictured above, down from 36,000 when the month opened.
Moreover the daily chart of bitcoin longs on Bitfinex looks a bit interesting as it seems to have patterns.
Much of last year was sideways, but not for longs which seem to have spent the year barting.
Then in November we have a big longs bull run, and in January almost just as big a crash.
To make a nice M this repeats again in an upwards February, and a very crashy March which sends it back to below November.
Smaller designer barts in May and June then give way to sideways until mid-July when an upwards jump has given way to this month’s closing of longs.
Manipulation? Probably some of it with longs now back to the November levels after this 10,000 bitcoins.
Interestingly the closure of these longs does not seem to affect the price downwards as much as their opening seems to correspond to a rising price.
The clearest example of the later is in July when you can see there the mini bull run, while their closure for this month seems to have led more to sideways.
Yet, whether they’ve had enough of closing and move to opening new longs, is unclear, but the halvening effects should potentially now start kicking in three months on.