Data
shows
the
Bitcoin
whales
on
cryptocurrency
exchanges
Bybit
and
HTX
have
opened
massive
long
positions
at
the
current
price
levels.
Bitcoin
Taker
Buy
Sell
Ratio
Has
Spiked
For
Bybit
and
HTX
Recently
In
a
new
post
on
X,
CryptoQuant
founder
and
CEO
Ki
Young
Ju
has
revealed
that
the
whales
on
the
HTX
platform
have
opened
large
long
positions
recently.
The
indicator
of
relevance
here
is
the
“Taker
Buy
Sell
Ratio,”
which
keeps
track
of
the
ratio
between
the
Bitcoin
taker
buy
and
taker
sell
volumes.
When
the
value
of
this
metric
is
greater
than
1,
it
means
the
taker
buy
or
long
volume
is
greater
than
the
taker
sell
or
short
volume
right
now.
Such
a
trend
implies
the
derivatives
market
currently
shares
a
bullish
majority
sentiment.
On
the
other
hand,
the
indicator
being
less
than
this
threshold
can
imply
the
dominance
of
a
bearish
mentality
in
the
sector,
as
the
short
volume
outweighs
the
long
volume.
Now,
here
is
a
chart
that
shows
the
recent
trend
in
the
Bitcoin
Taker
Buy
Sell
Ratio
specifically
for
the
HTX
exchange:
The value of the metric appears to have been quite high in recent days | Source: @ki_young_ju on X
As
the
above
graph
shows,
the
Bitcoin
Taker
Buy
Sell
Ratio
for
HTX
has
recently
spiked
extremely
high.
This
would
imply
that
the
platform’s
users
have
just
opened
a
large
number
of
long
positions.
This
sharp
increase
in
the
indicator
has
come
following
BTC’s
drop
towards
the
$69,000
level.
Thus,
it
would
appear
that
the
whales
on
the
exchange
think
this
dip
is
worth
making
large
bullish
bets
at.
Another
member
of
the
CryptoQuant
staff,
Maartunn,
has
made
a
quote-repost
of
the
post
from
Ju
about
this
development
at
HTX
and
has
noted
that
the
Bybit
platform
has
also
witnessed
a
large
spike
in
the
Taker
Buy
Sell
Ratio
at
the
recent
lows.
Looks like the metric has also registered a large value for this exchange | Source: @JA_Maartun on X
From
the
graph,
it’s
apparent
that
while
the
spike
in
the
Bitcoin
Taker
Buy
Sell
Ratio
for
Bybit
has
also
indeed
been
quite
large
on
its
own,
the
scale
of
it
is
still
not
quite
as
extraordinary
as
what
has
been
observed
on
HTX.
Nonetheless,
the
metric
reaching
these
highs
implies
that
the
orders
on
the
platform
from
the
whales
have
also
heavily
tended
towards
the
long
side.
Thus,
it
would
appear
that
the
large
entities
from
at
least
two
exchanges
have
decided
to
open
up
big
bullish
bets
at
the
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
plunge
a
few
days
ago,
as
its
price
is
still
trading
around
$69,420.
The price of the coin hasn't made any notable recovery from the plummet yet | Source: BTCUSD on TradingView
Featured
image
from
Dall-E,
CryptoQuant.com,
chart
from
TradingView.com
Go to Source
Author: Keshav Verma
