About 90% of Bitfinex futures traders are long ETH on the platform, or related to the progress of ETH 2.0

According to Beincrypto, as of the evening of April 10, nearly 90% of margin traders were long in Bifinex, with a total amount of approximately $ 314 million involved. On BitMEX, only 47% of transactions are long and the transaction volume is many times smaller than Bitfinex. According to lowstrife data, Bitfinex alone has 1.975 million ETHs going long, which accounts for about 1.8% of the total circulating supply. The large number of margin bulls on Bitfinex has attracted the attention of traders. Some people speculate that ETH has formed a long-term bottom. Trading volume fell sharply in March, and prices have been volatile since then, but it is now likely to be bottoming out. However, some people think that this is just a squeeze strategy for long positions. The macroeconomic outlook continues to be disturbing. At the same time, the annualized interest rate of ETH on Coinlend has reached an astonishing 197%. This peak may be related to the margin long on ETH on Bitfinex. However, most traders still choose to look on the spot. There are also some speculations that going crazy is because the preparation stage of stage 0 of ETH 2.0 is about to be completed, and stage 0 is also expected to launch in July. However, even if Phase 0 is released, Ethereum 2.0 will not be fully functional for many years.