Data shows that bitcoin whales on the Bybit and HTX cryptocurrency exchanges have opened massive long positions at current price levels.
bitcoin Taker Buy/Sell Ratio Has Soared Recently for Bybit and HTX
in a new x.com/ki_young_ju/status/1799814099381211370″ target=”_blank” rel=”noopener nofollow”>mail On x, CryptoQuant Founder and CEO Ki Young Ju revealed that whales on the HTX platform have recently opened large long positions. The relevant indicator here is the “Taker Buy Sell Ratio”, which tracks the relationship between bitcoin buying and selling volumes.
When the value of this metric is greater than 1, it means that the buyer's buying or selling volume is greater than the buyer's selling or selling volume at this time. This trend implies that the derivatives market currently shares a majority bullish sentiment.
On the other hand, an indicator below this threshold may imply the predominance of a bearish mentality in the sector, since short volume exceeds long volume.
Now, here is a chart showing the recent trend in the bitcoin Taker bid-sell ratio specifically for the HTX exchange:
<img decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Whales-Reach-69000-Everything-Up-from-Here.jpeg" alt="bitcoin Taker Buy and Sell Ratio” width=”1125″ height=”1355″/>
The value of the metric appears to have been quite high in recent days | Source: x.com/ki_young_ju/status/1799814099381211370/photo/2" target="_blank" rel="noopener nofollow">@ki_young_ju on x
As the chart above shows, the bitcoin Taker bid-sell ratio for HTX has recently shot extremely high. This would imply that users of the platform have just opened a large number of long positions.
This sharp rise in the indicator came after btc fell towards the $69,000 level. Therefore, it seems that the whales on the exchange think it is worth making big bullish bets on this dip.
Another CryptoQuant staff member, Maartunn, has made a x.com/JA_Maartun/status/1799819294261534921″ target=”_blank” rel=”noopener nofollow”>quote-republish of Ju's post on this development on HTX and has noted that the Bybit platform has also witnessed a huge spike in the taker's bid-sell ratio at recent lows.
<img loading="lazy" decoding="async" class="alignnone aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/1718061578_460_Bitcoin-Whales-Reach-69000-Everything-Up-from-Here.jpeg" alt="bitcoin Long Bybit” width=”4000″ height=”2250″/>
Looks like the metric has also registered a large value for this exchange | Source: x.com/JA_Maartun/status/1799819294261534921/photo/1" target="_blank" rel="noopener nofollow">@JA_Maartun on x
It is clear from the chart that while the increase in bitcoin Taker's buying and selling ratio for Bybit has also been quite large on its own, its scale is still not as extraordinary as what has been observed on HTX.
However, the metric reaching these highs implies that whale orders on the platform have also trended strongly toward the long side. Therefore, it appears that large entities on at least two exchanges have decided to place large bullish bets on recent price levels.
It now remains to be seen whether these long positions will pay off for these colossal bitcoin investors.
btc Price
bitcoin has been moving sideways since the crash a few days ago as its price is still trading around $69,420.
x/4wBZW7vV/” alt=”bitcoin price chart” width=”1534″ height=”854″/>
The price of the coin hasn't made any notable recovery from the plummet yet | Source: BTCUSD on TradingView
Dall-E Featured Image, CryptoQuant.com, TradingView.com Chart
