ອີເທີ (ETH) has been stuck between $1,170 to $1,350 from Nov. 10 to Nov. 15, which represents a relatively tight 15% range. During this time, investors are continuing to digest the negative impact of the Nov. 11 Chapter 11 bankruptcy filing of FTX exchange.
While contagion risks have caused investors to drain centralized exchanges wallets, the movement led to an uptick in ການແລກປ່ຽນສູນກາງ (DEX) activity. Uniswap, 1inch Network, and SushiSwap saw a 22% increase in the number of active addresses since Nov. 8.
ຂໍໃຫ້ພິຈາລະນາຕົວຊີ້ວັດອະນຸພັນເພື່ອເຂົ້າໃຈດີຂຶ້ນວ່າພໍ່ຄ້າມືອາຊີບຖືກຈັດໃສ່ໃນສະພາບຕະຫຼາດໃນປະຈຸບັນ.
Margin markets show no signs of distress
Margin trading allows investors to borrow cryptocurrency to leverage their trading position, potentially increasing their returns. For example, one can buy Ether by borrowing Tether (USDT), thus increasing their crypto exposure. On the other hand, borrowing Ether can only be used to short it or bet on a price decrease.
Unlike futures contracts, the balance between margin longs and shorts isn’t necessarily matched. When the margin lending ratio is high, it indicates that the market is bullish — the opposite, a low lending ratio, signals that the market is bearish.
The chart above shows investors’ morale topped on Nov. 13 as the ratio reached 5.7, the highest in two months. However, from that point onward, OKX traders presented less demand for bets on the price uptrend as the indicator declined to the current 4.0 level.
Still, the current lending ratio leans bullish in absolute terms, favoring stablecoin borrowing by a wide margin. It is worth highlighting that the overall sentiment improved since Nov. 8 as traders increased demand for margin longs using stablecoins.
ທີ່ກ່ຽວຂ້ອງ: Genesis Global ຢຸດການຖອນເງິນໂດຍອ້າງເຖິງ 'ຄວາມວຸ້ນວາຍຂອງຕະຫຼາດທີ່ບໍ່ເຄີຍມີມາກ່ອນ'
ຂໍ້ມູນໄລຍະຍາວເຖິງສັ້ນສະແດງໃຫ້ເຫັນການຫຼຸດຜ່ອນຄວາມຕ້ອງການສໍາລັບການ leverage longs
The top traders’ long-to-short net ratio excludes externalities that might have solely impacted the margin markets. By aggregating the positions on the spot, perpetual and quarterly futures contracts, analysts can better understand whether professional traders are leaning bullish or bearish.
ມີຄວາມແຕກຕ່າງກັນທາງວິທີການເປັນບາງໂອກາດລະຫວ່າງການແລກປ່ຽນທີ່ແຕກຕ່າງກັນ, ດັ່ງນັ້ນຜູ້ຊົມຄວນຕິດຕາມການປ່ຽນແປງແທນທີ່ຈະເປັນຕົວເລກຢ່າງແທ້ຈິງ.
The long-to-short ratio at Huobi stood at 0.98 between Nov. 8 and Nov. 15, indicating a balanced situation between leverage buyers and sellers. On the other hand, Binance traders initially faced a deep contraction in the demand for longs, but the movement was utterly subdued as buying activity dominated from Nov. 11 onward.
At the OKX exchange, the metric plunged from 1.30 on Nov. 8 to the present 0.81, favoring shorts. Therefore, according to the long-to-short indicator, the top traders significantly reduced their longs until Nov. 10 but then proceeded to increase long positions.
From a derivatives analysis point of view, neither futures nor margin markets display excess demand for shorts. Had the panic-based sentiment prevailed, one would expect worsening conditions on the Ether lending and long-to-short indicators.
Consequently, bulls are in control as traders are not comfortable taking bearish positions with ETH below $1,300.
ຄວາມຄິດເຫັນແລະຄວາມຄິດເຫັນທີ່ສະແດງຢູ່ນີ້ແມ່ນພຽງແຕ່ຂອງຜູ້ຂຽນແລະບໍ່ ຈຳ ເປັນຕ້ອງສະທ້ອນເຖິງທັດສະນະຂອງ Cointelegraph.com. ທຸກໆການລົງທືນແລະການເຄື່ອນໄຫວການຄ້າແມ່ນກ່ຽວຂ້ອງກັບຄວາມສ່ຽງ, ທ່ານຄວນ ດຳ ເນີນການຄົ້ນຄ້ວາຂອງທ່ານເອງເມື່ອຕັດສິນໃຈ. Source: https://cointelegraph.com/news/ethereum-price-weakens-near-key-support-but-traders-are-afraid-to-open-short-positions