Since crypto prices have fallen to their lowest point, now is the ideal time to “Buy-the-Dip.” But during these brief price declines, traders appear to be shorting cryptocurrency more than they are buying it.
“Buy-the-Dip” Sentiments Does Not Stop Crypto Shorting
More short sales or shorting occur in altcoins than in bitcoin. In the past day, short holdings in Bitcoin (BTC) have averaged roughly 51% across exchanges, while short positions in altcoins have averaged about 55%.
Santiment, an on-chain analytics tool, states that data on the average funding rate for Bitcoin and altcoins relative to the price of bitcoin shows that traders continue to short altcoins at every minor decline. The long/short ratio for Bitcoin, in contrast, is unchanged despite price swings.
“As prices gradually fell on Sunday, traders have shown that though they may proclaim to be buyingthedip, they are shorting more on these mini drops. Interestingly, this only applies to altcoins right now, indicating that...
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