Altcoin News: Bitfinex Users Closed Short Positions for 10,500 Bitcoins at a Time

May 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A sharp decline in the amount of short positions of the Bitcoin on Bitfinex exchange was noticed this morning.

At about 06:30 GMT time, one of the bidders decided to close short positions totaling 10,500 BTC or $85 million. As a result, the total volume of such positions on Bitfinex simultaneously fell by about 40%.

Credit: TradingView

It is noteworthy that the sharp movements of the cryptocurrency exchange rate, which could have been expected in the event of the liquidation of such a large volume of marginal positions, were not noticed at the same time. Probably, the thing is that these positions were “claimed” by their owner, that is, covered from his own funds, which is allowed by the Bitfinex rules.

After today’s close, the volume of Bitcoin short positions on Bitfinex was even lower than the April low and returned to the level of March 2018.

Currently, the ratio of long to short BTC positions on Bitfinex is about 60/40.

Author: Marko Vidrih