Skip to content

Three in every four Bitcoin traders are bullish on BTC

Three in every four Bitcoin traders are bullish on BTC

Bitcoin (BTC) traders on the cryptocurrency exchange Binance have shown a bullish bias, with 75% of the 24-hour open positions being long. This hints at a positive sentiment from retail traders, but the volume remains neutral with a balanced long/short ratio.

Finbold retrieved data from CoinGlass on June 30, which shows the imbalance between unique account traders going long on Bitcoin. In particular, three in every four accounts opening derivatives positions have gone long, betting the price will increase from here.

This ratio refers to the last 24 hours for BTC/USDT perpetual contracts on Binance. Notably, this is, by a large margin, the most traded pair in the cryptocurrency market. Binance has over 50% of Bitcoin’s global volume, while the USDT makes over $1 trillion daily.

Binance BTCUSDT Lon/Short (Accounts)

Follow the money: Overall volume remains neutral

On the other hand, the overall trading volume for Bitcoin derivatives in all markets remains neutral and slightly bullish. 51.54% of the trading volume deployed to open positions in the last 24 hours is long BTC.

BTC Long/Short Ratio Chart. Source: CoinGlass

The divergence between the number of accounts and the USD volume suggests that longs are mostly held by retail traders. Usually, this class of investors acts through emotion, making decisions motivated by FOMO or FUD and becoming a target of whales that can move the market up and down, liquidating retail traders for profit.

Bitcoin’s bearish and bullish contexts

As reported by Finbold, Bitcoin faces a challenging time amid sell-offs by the governments of Germany and the United States. Moreover, Mt. Gox has announced the repayment of over $8 billion in BTC, which has been awaited for over a decade.

In this context, Bitcoin miners started capitulating with record-low reserves and produced hashrate. Meanwhile, old-time supporters like Peter Thiel have lost conviction in the cryptocurrency’s fundamental value proposition.

Nevertheless, the BTC price remains within a four-month range, testing support at $60,000, currently trading at $61,500. Crypto traders and investors still foresee a bright future for Bitcoin, with projections ranging from $80,000 to $500,000 despite the fundamental challenges.

BTC/USD daily price chart. Source: TradingView / Finbold

BlackRock (NYSE: BLK) and other Bitcoin spot ETF issuers continue to push the maiden cryptocurrency among traditional finance investors, which is expected to generate mid-term demand. Wall Street has recently sold considerable amounts, but the ETFs still display monthly positive capital flows, indicating a bullish bias.

Nevertheless, everything can happen when trading volatile assets such as cryptocurrencies. Speculators must be cautious while getting too much exposure through leverage and understand the inherent risks within these operations.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.