The bitcoin price has hit a new high, with some analysts speculating that it could hit $20,000 by the end of the year. This is accompanied by an increase in trading volume as more people seek to withdraw their winnings in crypto. However, it seems that short traders are also following this trend.
According to a recent report from CryptoCompare, Bitcoin and Ethereum short positions exceeded buy positions by more than 200% during last week's trading session. The figures show that short sales increased by 8% compared to buys during the same period.
This is interesting because investors tend to hold their positions longer before switching to a long or short position. While this does not necessarily mean that there are more sell orders than buy orders for either cryptocurrencies at any given time (it just means that some investors have held their positions). Them longer, which suggests that many investors are looking to profit from the appreciation of these currencies.