Bitcoin traders utilizing the popular derivatives exchange BitMEX still appear substantially more bearish on the possession’s future price developments, on-chain data exposes.
At the exact same time, a prominent expert argued that the most violent stages of the current market crash are over, which could recommend great entry chances.
BitMEX BTC Traders Still Bearish
Bitcoin’s price went through a roller-coaster in the past month propelled by FUD and over-leveraged positions on derivatives exchanges. In spite of recovering to some level from the mid-May bottom at $30,000, the possession may not be out of the woods yet.
Although the leveraged positions are significantly less now as some traders may have found out a painful lesson, data from the cryptocurrency analytics tool Santiment reveals that users using BitMEX still picture adverse rate developments for BTC.
“BitMEX traders are continuing to short Bitcoin in big quantities, at the most bearish ratio given that April 2020.” – – reads the company’s Twitter post.