Data indicates that Bitcoin whales on the cryptocurrency exchanges Bybit and HTX have recently opened significant long positions at the current price levels.

Bitcoin Taker Buy Sell Ratio Surges on Bybit and HTX

CryptoQuant founder and CEO Ki Young Ju revealed in a recent post on X that whales on the HTX platform have initiated large long positions. The key indicator here is the "Taker Buy Sell Ratio," which measures the ratio between Bitcoin taker buy and taker sell volumes.

When this metric is above 1, it signifies that the taker buy (long) volume surpasses the taker sell (short) volume, suggesting a bullish sentiment in the derivatives market. Conversely, a value below 1 indicates a bearish sentiment, with short volumes dominating.

Here’s a chart showing the recent trend in the Bitcoin Taker Buy Sell Ratio for HTX:

As the chart illustrates, the Taker Buy Sell Ratio for HTX has recently spiked, indicating a substantial increase in long positions on the platform. This surge occurred after Bitcoin's drop to around $69,000, suggesting that whales see this dip as an opportunity for large bullish bets.

CryptoQuant staff member Maartunn highlighted that Bybit has also experienced a significant spike in the Taker Buy Sell Ratio at recent lows:

While the spike in Bybit's Taker Buy Sell Ratio is substantial, it's not as extreme as HTX's. Nonetheless, the high ratio on Bybit indicates a strong tendency towards long positions by whales on the platform.

This suggests that large entities on both exchanges are placing significant bullish bets at the current price levels.

Bitcoin Price

Bitcoin has been trading sideways since its recent plunge, currently hovering around $69,420.