It seems like most BitMEX traders are just purely gambling at this point. Thus far in 2019, $5B in short positions and $9B in long positions have already been liquidated.

The average BitMEX trader might shock you. According to data collected by analyst Jacob Canfield (@JacobCanfield), many BitMEX traders seem to just be gambling at this point.

The Average BitMEX Trader in 2019

It seems that the trauma of 2018 has left many crypto-traders scrambling to recoup their losses. The majority of BitMEX traders are more surely at a loss, but the complete picture is even harder to grasp. In 2019 thus far:

$5B short positions have been liquidated.

$9B long positions have been liquidated.

The total amount of real funds deposited on BitMEX is around $540M.

deposited on BitMEX is around $540M. The average leverage position was 25x this year this far.

A whopping 25x average leverage across BitMEX’s margin trading platform in 2019 is astounding. With such a high appetite for risk, it’s no wonder cryptocurrency traders have lost over $14B in liquidations in 2019 year-to-date.

The shocking statistics provide us some insight into the psychology of the market — and how 2019 has caused some to gamble even more in anticipation of a future bull market. This supposed bull market has not fully kicked in yet, and it has left many investors on BitMEX gambling away their money, it seems. A week ago, BitMEX liquidated some $52M worth of Bitcoin shorts after the leading cryptocurrency posted an unexpected massive green candle.

Not Much Better Than Pure Gambling

In this choppy market for Bitcoin, it’s to be expected that so many traders are getting burned. That’s because such a young market is akin to gambling, given that technical indicators are consistently being invalidated.

Although, if you think these numbers for 2019 are bad at this point, just wait until the actual bull market. The next time around, we may see some record-setting liquidations. Greed truly knows no limits.

Are you surprised about these statistics surrounding BitMEX thus far in 2019? Let us know your thoughts in the comments down below — and click here to trade on BitMEX yourself!