Galaxy Digital, a Bitcoin bull, currently holds 4,162 Bitcoin. Despite the drop, BTC is still trading above $34,000. With Bitcoin’s continuous upward trajectory, some owners remain optimistic about its continuous increase. Meanwhile, organizations like Galaxy Digital are betting on this upward trend. Read Bitcoin price predictions for 2023-24. Based on recent actions by Galaxy Digital, how are short-term and long-term traders currently operating in the market? Galaxy is long on Bitcoin. According to a tweet on October 28 by Galaxy Digital, they hold a long position in Bitcoin. The addresses show that the organization has sent a total of 4,162 BTC to Aave (AAVE), Compound. As of the time of writing this article, over $140 million worth of BTC has been sent. This recent move by Galaxy Digital indicates that the company is betting on the price of BTC to increase. Remarkably, other market participants share the same view. Bitcoin funding rate remains positive. According to coin data, the Bitcoin funding rate has remained positive in the past few days. The funding rate spiked on October 24, reaching the highest level in nearly 5 months, and has since started to decline. However, it is still higher than the observed levels in recent months. According to the latest data, the funding rate is about 0.015%. Source: Coin Additionally, despite traders holding long positions in Bitcoin, the amount of liquidation of long positions has increased in the past few days. The liquidation chart shows that on October 26, long positions were liquidated at over $20 million, while short positions were liquidated at just over $9 million. Similarly, on October 27, long positions were liquidated at over $24 million, while short positions were liquidated at just over $5 million. As of the time of writing this article, long positions have led to liquidations exceeding $1 million. BTC brings hope for bullish traders On the daily Bitcoin chart, the price slightly increased on October 28, by less than 1%. The increase comes after two consecutive days of a clear downward trend. However, since this update, Bitcoin has continued its downward trend, losing less than 1%. Notably, it has managed to maintain a price above $34,000. Source: TradingView With the current upward trend, a price correction is possible. When a pullback occurs and the price rises again, long position holders can potentially profit significantly.
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