BITCOIN TRADING
Whatever the case, pro traders haven't been adding positions during the recent BTC price correction.
Pro traders aren't selling but are also not buying at any price level
Major cryptocurrency exchanges provide data on their top traders' long-to-short net positioning. This indicator is calculated by analyzing clients' consolidated positions on the spot, margin, and futures contracts. By doing this, it provides a clearer view of whether professional traders are leaning bullish or bearish.
It is important to note that there are occasional methodology discrepancies between various exchanges, so one should monitor changes instead of absolute figures.
The chart above shows that top traders increased their exposure between April 14 and April 17, while the Bitcoin price was above $60,000. On the other hand, over the past five days, these whales and arbitrage desks remained relatively flat.
It is worth noting that the current 1.49 ratio favoring longs on OKEx remains lower than the 1.75 level seen on April 17. This data signals that top traders reduced their positions over the past five days.
A similar trend took place at Binance, where top traders net long-to-short ratio peaked at 1.25 on April 17. Albeit slightly favoring longs, the current 1.18 indicator sits at the lower range of the past three weeks.
Lastly, Huobi top traders added long positions between April 14 and April 18, but they kept a steady 0.90 ratio.
Therefore, there is no doubt that whales and arbitrage desks are not adding to their long positions even as BTC tests the $52,000 support with a 20% correction from the April 14 peak.
However, investors are encouraged to wait for Friday's options expiry before jumping to any fast conclusions.