Why did 12K Bitcoin margin longs close at Bitfinex, and why didn’t it impact BTC price? By Cointelegraph

<br><div> <div id="imgCarousel" class="imgCarousel"> <img alt="Why did 12K Bitcoin margin longs close at Bitfinex, and why didn’t it impact BTC price?" id="carouselImage" src="https://i-invdn-com.investing.com/news/LYNXMPEE020PS_L.jpg" style="visibility:hidden"/> <span class="text">© Reuters. </span> <i class="imgGrad"/> </div>

<p>Since Could 2022, the (<span>BTC</span>) margin markets on the Bitfinex change have been affected by an unusually excessive open curiosity of over $2.7 billion. This info alone ought to elevate a purple flag, particularly contemplating Bitcoin’s value decline from $39,000 to lower than $25,000 throughout the identical interval.</p> <p>Merchants searching for to leverage their cryptocurrency place had borrowed over 105,000 Bitcoin. Presently, the reason for this anomaly and the variety of entities concerned within the commerce are unknown.</p><figure><figcaption style="text-align: center;"><em>Bitfinex BTC margin longs, in BTC contracts. Supply: TradingView</em></figcaption></figure><figure><figcaption style="text-align: center;"><em>OKX stablecoin/BTC margin lending ratio. Supply: OKX</em></figcaption></figure><template data-name="subscription_form" data-type="markets_outlook"/><p><a target="_blank" href="https://cointelegraph.com/news/why-did-12k-bitcoin-margin-longs-close-at-bitfinex-and-why-didn-t-it-impact-btc-price" rel="nofollow noopener">Continue Reading on Coin Telegraph</a></p> </div>