Bitcoin and Ethereum are currently in a concerning position. Both assets are leading the market in market cap value, but are presently struggling to sustain bullish momentum.
At report time, both assets are in the red zone and struggling to fully recover since dipping. This could rightfully stir the market sentiments and cause traders to lean into a rather bearish position. However, certain key players have remained rather positive.
Despite the uncertainty in the market, Asian Bitcoin traders are way more optimistic than one would typically expect. The collectively bullish sentiment expressed by traders reflects strongly in their positions in the market.
According to data from Coinglass, a cryptocurrency futures trading & information platform, Asian Bitcoin traders are largely in a long position. Typically, a dip in Bitcoin’s price triggers to short their positions. This time, Coinglass’s data shows that long positions are estimated at around 53.62 percent. On the other hand, short positions are on the lower hand, at an estimated 46 percent.
The liquidation data from Coinglass also continues to back up the present bullish sentiments held by traders in Asia. Notably, $7.3 million worth of short positions were liquidated in the last 4-hours, while long positions liquidated within the same time frame total a mere $1.57 million.
Ethereum, the cryptocurrency behind Bitcoin is also in the food books of traders at this time. Although Ethereum (ETH) is also following in Bitcoin’s steps as it is yet to turn green, traders in Asia are way more bullish on the altcoin.
As reflected in the data from Coinglass, a massive 90 percent of market liquidations, which came down to a total of $3.36 million, were short positions. Meanwhile, only $361,000 worth of long positions were liquidated.
Notably, the decisions of Asian traders are less perplexing when the current regulatory climate in Asia is put into perspective. In comparison to the United States, the regulatory eco in certain Asian regions appears to be less limiting.
Hong Kong, in particular, is hoping to work on bringing regulatory clarity to exchange platforms in the region. By mid-2023, Hong Kong hopes to have fully licensed cryptocurrency exchanges.
In a similar manner, Taiwan and Singapore are working towards integrating crypto-friendly policies. While Singapore already has an existing framework for crypto, Taiwan is working on fully implementing something similar this year.
At the time of this report, Bitcoin is trading at a price of $26,860, while Ethereum is valued at $1,808.
