High Volume Crypto Traders Are Bullish On Bitcoin, Says Binance Futures
The crypto market has been extremely volatile this year, with massive moves made by the most important coin in the market.
Bitcoin was even able to surpass the essential psychological level of $10k more than once.
Due to various factors, the coin’s price has been dropping lately, but this did not stop various traders and analysts feel bullish about the coin. The main reason is probably the halving which is scheduled to take place in May.
A lot of analysts expect to see a significant surge in the price of BTC following the process.
High volume traders are bullish on Bitcoin
It’s been just revealed that the majority of high volume crypto traders are bullish on Bitcoin, says Binance Futures.
The exchange reports that more than two-thirds of the top traders by account are long on BTC/USDT futures contracts.
Binance stated the following about the subject:
“Binance Futures traders are currently Long BTC/USDT overall on the daily time frame. ‘Top traders’ are defined as the top 20% of traders by margin balance.”
According to the online publication the Daily Hodl, this really bullish sentiment comes despite the harsh February that Binance Futures traders had.
Binance Futures traders are currently Long $BTC/USDT overall on the daily time frame.
"Top traders" are defined as the top 20% of traders by margin balance.
Trade on #BinanceFutures with up to 125x leverage here:
— Binance (@binance) March 5, 2020
“In February, most of Binance Futures’ perpetual contracts ended the month on a negative note. Its most-traded contract, BTCUSDT, closed 8% lower since January,” according to Binance.
The exchange continues and explains that “ETHUSDT and LINKUSDT have outperformed other perpetual contracts, recorded gains of 20.6%, and 43.8%, respectively. Meanwhile, ETCUSDT saw a significant decline in market value, decreasing by 35.10% to $7.7 per contract.”
At the moment of writing this article, Bitcoin is trading in the green, and the most important coin in the market is priced at $9,127.98.
Head over to Binance’s official February report in order to learn more details.
Crypto traders and analysts are keeping their fingers crossed to see Bitcoin surpassing the important level of $10k once more.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.