- Galaxy Digital has gone long on Bitcoin with 4,162 BTCs.
- BTC was still trading above $34,000 despite a decline.
Given Bitcoin’s continued upward trajectory [BTC] price, some holders remained optimistic about its continued rise. Meanwhile, institutions such as Galaxy Digital are betting on this upward trend.
Read Bitcoin’s [BTC] Price forecast 2023-24
How are short-term and long-term traders faring in today’s market, given Galaxy’s recent actions?
Galaxy goes long on Bitcoin
According to an October 28 tweet from Look at chainGalaxy Digital has taken a long position in Bitcoin. The address indicated that the institution had deposited a total of 4,162 BTC into Aave [AAVE] and composed.
At the time of writing, the deposited BTC was valued at over $140 million.
This recent move by Galaxy Digital meant that the company was betting on the rising price of BTC. It’s worth noting that other market participants also share this sentiment.
Funding rates for Bitcoin remain positive
According to data from Mint glassBitcoin has maintained a positive funding rate in recent days. After peaking on October 24 and reaching an almost five-month high, financing rates have since fallen.
However, it remained higher than the levels of recent months. According to the latest available data, the financing rate was approximately 0.015%.
Source: Coinglass
Moreover, despite traders taking long positions on BTC, recent days have witnessed a higher number of liquidations in long positions.
The liquidation chart showed that on October 26, liquidations of long positions were over $20 million, while liquidations of short positions were just over $9 million.
Similarly, as of October 27, there were over $24 million in liquidations of long positions, while liquidations of short positions amounted to just over $5 million. At the time of writing, long positions led the liquidation by more than $1 million.
BTC gives long position traders hope
Bitcoin’s daily time chart saw a modest price increase of less than 1% on October 28. These gains followed two consecutive days of noticeable downtrends.
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However, at the time of this update, Bitcoin had resumed its downward move with a decline of less than 1%. Notably, it managed to keep the price above $34,000.
Source: TradingView
Given the current bullish trend, it is likely that a price correction will occur. Once the correction has occurred and the price has recovered, long position holders may be able to earn substantial returns.