Key results:

• Bitfinex margins fat fell by 18%, despite the augment in the price of bitcoins by 24% in 30 days.

• $ 6.8 billion in long positions significantly exceeds the current $ 25 million in shorts.

• Bitcoin Options Positioning and BTC Spot affects the trust of institutional investors.

The Bitcoin (BTC) price has increased by 23.7% in the last 30 days, but traders in Bitfinex have reduced their long positions by over 18,000 BTC at that time. This wave of accepting profits on the margin markets led to speculation that professional traders may not be fully sure of the current price level of USD 104,000.

Bitfinex margins in length fell from 80 387 BTC to 65 889 BTC between April 16 and May 16. This change means reversing from a forceful demand for a stubborn margin seen in mid -February until mid -March, in the period in which the price of Bitcoins dropped from USD 97,600 to USD 82,500. The current decline in the margin is probably a sign of robust profit acceptance, not a twisted turn.

The reasoning of this movement is not completely clear, because Bitcoin jump over $ 100,000 took place on May 8, about three weeks after reaching the highest level of margin. It would be a mistake, however, to suggest that Bitfinex whales were accepted by bears. Their margin of length is currently $ 6.8 billion, while tiny margins are only $ 25 million, which shows a earnest gap between stubborn and bear positions.

This difference is mainly due to the low annual Bitfinex interest rate in the field of margin trade. On the other hand, people using the lever for 90-day Bitcoin term contracts pay 6.3% of the annual bonus. This gap creates arbitration possibilities.

For example, you can open long bitcoins on the margins and at the same time sell an equivalent position in BTC Futures to take advantage of the rate difference. Margin traders also have longer time frames and higher risk tolerance than average investors, so their changes in position are less affected by tiny -term price movements.

Whales not in accordance with the resistance of USD 105,000, because BTC ETFS drives optimism

To exclude factors restricted to margin markets, it is worth looking at bitcoin options. If traders expect correction, the demand for PUT options (sale) increases, exceeding 25% delta obliquely above 6%. During periods of stubborn, this record usually drops below -6%.

The current -6% of the Delta Skewka option shows trust in the price of Bitcoin, although the data in the last two weeks has fluctuated from neutral to slightly stubborn. This indicates that whales and market manufacturers are not particularly concerned about the repetitive failures exceeding a barrier of USD 105,000.

Related: The evolving view of Bitcoin Traders on the role of BTC in each portfolio strengthens support of $ 100,000

Part of the increased optimism, despite lower demand to stubborn leveled positions, comes from $ 2.4 billion net inflow to American Bitcoin rotary funds (ETF) between May 1 and May 15. Therefore, the decrease in the Bitcoins margin does not mean that institutional traders change bears, especially when BTC markets are considering.

Although these data do not reveal whether Bitcoin is closer to a fracture above USD 105,000, the fact that there is $ 6.8 billion in the margins of Leard, clearly shows that professional traders remain highly positive about the price perspective.

This article is used for general information purposes and should not be and should not be treated as legal or investment advice. The views, thoughts and opinions expressed here are themselves and do not necessarily reflect or represent the views and opinions of Cointelegraph.