Why did 12K Bitcoin margin longs shut at Bitfinex, and why didn’t it impression BTC worth?

Since Could 2022, the (BTC) margin markets on the Bitfinex trade have been suffering from an unusually excessive open curiosity of over $2.7 billion. This data alone ought to elevate a pink flag, particularly in mild of Bitcoin’s worth decline from $39,000 to lower than $25,000 throughout the identical interval.

Merchants in search of to leverage their cryptocurrency place had borrowed over 105,000 Bitcoin. Presently, the reason for this anomaly is unknown, in addition to the variety of entities concerned within the commerce.

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