Correlation between Bitfinex BTC Reserves and BTCUSDLONGS

Correlation-between-Bitfinex-BTC-Reserves-and-BTCUSDLONGS

There might be a correlation between Bitfinex's BTC Reserves and BTCUSDLONGS. The explanation is straightforward, BTC used as collateral for long positions.

A similar correlation was spotted last month with their ETH reserves and ETHUSDLONGS.

Sorry for the crude attempt at correlation between these two metrics but I'm not able to bring BTCUSDLONGS and BTC Reserves onto the same chart.