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

Since Might 2022, the (BTC) margin markets on the Bitfinex alternate have been suffering from an unusually excessive open curiosity of over $2.7 billion. This data alone ought to increase a crimson flag, particularly contemplating Bitcoin’s value 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. At the moment, the reason for this anomaly and the variety of entities concerned within the commerce are unknown.

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