Summary
- It was reported that short positions in the Ethereum futures market surged by 500%, reaching an all-time high.
- The trade war impact led to a 37% drop in Ethereum in a short period, with $1 trillion in assets evaporating, according to analysis.
- With Ethereum's price 45% lower than its all-time high, the increase in short positions could lead to continued volatility.
It seems that investor sentiment towards the leading altcoin, Ethereum (ETH), has deteriorated. Short positions (bets on price declines) in the Ethereum futures market have reached an all-time high.
On the 10th, the cryptocurrency-focused media outlet Crypto Briefing reported, citing the Kobeissi Letter, that Ethereum short positions have surged over 500% since November last year, reaching 11,341 contracts. This is an all-time high.
The Kobeissi Letter analyzed, "Due to the trade war aftermath, Ethereum plummeted by 37% in just 60 hours. At that time, the market saw over $1 trillion in assets evaporate due to Ethereum's decline."
Furthermore, the Kobeissi Letter explained, "Currently, Ethereum is trading at a price level 45% lower than its all-time high in November 2021. With the recent increase in Ethereum short positions, volatility like that seen on the 3rd could continue."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
