Bitfinex shorts crumble, bears capitulate after Bitcoin holds above $30K
Cointelegraph
Published Jun 28, 2021 03:10PM ET
Updated Jun 28, 2021 05:00PM ET
On June 25, the amount of Bitcoin (BTC) margin shorts at Bitfinex increased by 22,000, equivalent to $726 million. At the time, Cointelegraph reported that there was a significant increase in Bitfinex's spot volume market share starting at 9 am UTC, matching the demand in the short margin.
Data confirms that one (or more) whales actively shorted the market, betting on a price decrease. The average price of the trade was around $33,000, so every $500 difference would result in an $11 million profit or loss when closing the short position.
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Written By: Cointelegraph
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