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Key Bitcoin price metric shows pro traders increased their BTC longs

Data shows pro traders increased leveraged long positions even as the Bitcoin price traded in a tight range this week.
Bitcoin (BTC) might have been ranging from $57,000 to $59,500 over the last couple of days, but the top traders at major exchanges have increased their long positions. A similar move also happened in the monthly futures contracts, as the basis rate has increased.Bitcoin price at Coinbase, USD. Source: TradingViewAfter marking a $61,750 all-time high on March 13, Bitcoin has been trying to find new support levels. Although BTC initially held ground at $54,000, there currently seems to be decent buying activity around $57,000.While professional traders’ optimism (as measured by their long-to-short exposure and the futures contracts premium) has gone down substantially, their interest seems to be picking up, and this is a bullish indicator.Top traders increased their long positionsThe top traders’ long-to-short indicator is calculated using clients’ consolidated positions, including spot, margin, perpetual and futures contracts. This metric provides a broader view of the professional traders effective net position by gathering data from multiple markets.Top traders long-to-short ratio. Source: BybtDespite the discrepancies between crypto exchange methodologies, analyzing changes over time provides valuable insight.OKEx top traders correctly played the recent BTC price movement as they bought the dip on March 15, moving to a 1.35 ratio favoring longs, which is the highest level seen in 2 weeks.Huobi top traders saw a similar performance, but on a smaller scale, they increased their 0.80 ratio to 0.90. Keep in mind that doesn’t necessarily indicate those traders are …
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