Bitrabo Editorial
Recent data indicates that Bitcoin whales on cryptocurrency exchanges Bybit and HTX have initiated substantial long positions at the current price levels.
Bitcoin Taker Buy Sell Ratio Surges for Bybit and HTX
In a recent update on X, Ki Young Ju, the founder and CEO of CryptoQuant, disclosed that whales on the HTX platform have recently opened significant long positions. An important indicator, the “Taker Buy Sell Ratio,” monitors the ratio between Bitcoin taker buy and taker sell volumes.
When this metric exceeds 1, it suggests that the long volume surpasses the short volume, indicating a prevailing bullish sentiment in the derivatives market.
Conversely, a value below this threshold may signal a bearish dominance where short volume outweighs long volume.
Below is a chart displaying the recent trend in the Bitcoin Taker Buy Sell Ratio specifically for the HTX exchange:
The chart illustrates a considerable spike in the Bitcoin Taker Buy Sell Ratio for HTX, indicating a substantial number of long positions being initiated by users on the platform.
This surge follows Bitcoin’s drop to the $69,000 level, suggesting that whales on the exchange view this dip as an opportunity to place significant bullish bets.
Another member of the CryptoQuant team, Maartunn, reposted Ju’s post about HTX’s development and highlighted a similar spike in the Taker Buy Sell Ratio on the Bybit platform during recent lows.
While Bybit also experienced a notable increase in the Bitcoin Taker Buy Sell Ratio, it was not as exceptional as that observed on HTX. However, the high levels imply that whales on both exchanges heavily favored long positions, suggesting a bullish outlook at recent price levels.
It remains to be seen whether these sizable long positions will yield favorable results for these significant Bitcoin investors.
Bitcoin Price Analysis
Following a recent price plunge, Bitcoin has maintained a sideways movement, with its price hovering around $69,420.