Whale closed 300.000 Long positions on Bitfinex😱 

Whale-closed-300000-Long-positions-on-Bitfinex

ETHUSDLONGS, a chart on tradingview which displays the total amount of open Long positions on Ethereum at Bitfinex.

This metric has a major change in the recent data which is very important to be aware off.

The amount of ETHUSD Longs has been reduced with ± 300.000. That is a massive change on it's own, but it becomes more important when we take a look at historical data. 

Let's give an overview 👇
July '21: Top was formed directly after closing. A pullback of 24% took place.
Nov '21: Top formed immediately. Price pulled back 50%.
March '22: 18 days before local top. Afterwards a 71% pullback happend.
Aug'22: 6 days so far. Will it mark a (local) top again?

Only time can give an answer to that question, but from a historical perspective, I am (and remain) conservative.