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

Since Might 2022, the (BTC) margin markets on the Bitfinex alternate have been tormented by an unusually excessive open curiosity of over $2.7 billion. This data alone ought to increase a purple flag, particularly contemplating Bitcoin’s worth decline from $39,000 to lower than $25,000 throughout the identical interval.

Merchants looking for to leverage their cryptocurrency place had borrowed over 105,000 Bitcoin. At present, the reason for this anomaly and the variety of entities concerned within the commerce are unknown.

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