1.4 Million ETH Longs Close – Trustnodes

1.4 Million ETH Longs Close


$1.5 billion eth longs close, Jan 2021

Some $1.5 billion worth of eth have closed in one of the biggest crypto exchange, Bitfinex.

About 600,000 eth was closed first on Friday followed by another 800,000 eth, the biggest sum ever.

1.4 million eth longs closed, Jan 2021
1.4 million eth longs closed, Jan 2021

Curiously this occurred within a very short period of time. The ◊800,000 for example was closed in just ten minutes while the ◊600,000 seems to have been more gradual.

Suggesting this may have been one person or entity who has accumulated this position since summer 2019.

On the featured image above you can see the constant rise in eth’s long without any apparent sensitivity to price.

Despite price falling at times, these longs either increased or remained at the same level, indicating some sort of planned strategy.

What that strategy was or whether it is indeed one entity, is not clear, but it appears they have now excited the position just as eth was close to all time high.

This may have contributed to a 30% fall in eth’s price today, dropping to $1,050 currently.

There does not appear to be any news related event causing this drop, so it may well be due to this person or entity exiting this position.

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