<\/p>\n
- \n
- Galaxy Digital has gone long on Bitcoin with 4,162 BTCs.<\/span><\/em><\/li>\n
- BTC still traded above $34,000 despite a decline.<\/span><\/em><\/li>\n<\/ul>\n
Given the ongoing upward trajectory of Bitcoin\u2019s [BTC]<\/a> price, some holders remained optimistic about its continued rise. Meanwhile, institutions like Galaxy Digital<\/a> are placing their bets on this upward trend.\u00a0<\/span><\/p>\n
\nRead Bitcoin\u2019s [BTC] Price Prediction<\/a> 2023-24<\/p>\n
\nWith Galaxy\u2019s recent actions, how do short-term and long-term traders fare in the current market?<\/span><\/p>\n
Galaxy goes long on Bitcoin<\/b><\/h4>\n
According to a 28 October tweet by Lookonchain<\/a>, Galaxy Digital has taken a long position in Bitcoin<\/a>. The address indicated that the institution deposited a total of 4,162 BTC into Aave [AAVE]<\/a> and Compound. <\/span><\/p>\n
At the time of this writing, the deposited BTC was valued at over $140 million.\u00a0<\/span><\/p>\n
This recent move by Galaxy Digital meant that the firm was placing a bet on BTC\u2019s rising price. <\/span>It\u2019s worth noting that other market participants also share this sentiment.<\/p>\n
Bitcoin funding rates remain positive<\/b><\/h4>\n
According to data from Coinglass<\/a>, Bitcoin has maintained a positive Funding Rate over the past few days. After the Funding Rate spiked on 24 October, reaching its highest point in almost five months, it has since decreased. <\/span><\/p>\n
However, it remained higher than the levels observed in recent months. As of the latest available data, the Funding Rate was approximately 0.015%.\u00a0<\/span><\/p>\n
![\"Bitcoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Funding-Rates-1.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
Furthermore, despite traders taking long positions on BTC<\/a>, the past couple of days have witnessed a higher number of liquidations in long positions. <\/span><\/p>\n
The liquidation chart revealed that on 26 October, long position liquidations exceeded $20 million, whereas short position liquidations amounted to just over $9 million. <\/span><\/p>\n
Similarly, on 27 October, there were over $24 million in long position liquidations, while short position liquidations were slightly above $5 million. As of this writing, long positions led the liquidation with over $1 million.<\/span><\/p>\n
BTC gives long position traders hope<\/b><\/h4>\n
On the daily timeframe chart of Bitcoin<\/a>, 28 October saw a modest price increase of less than 1%. This gain followed two consecutive days of noticeable downtrends.<\/span><\/p>\n
\nIs your portfolio green? Check out the BTC Profit Calculator<\/a><\/p>\n
\nHowever, at the time of this update, Bitcoin had resumed its downward movement with a decline of less than 1%. Notably, it managed to keep its price above the $34,000 mark.\u00a0<\/span><\/p>\n
- BTC still traded above $34,000 despite a decline.<\/span><\/em><\/li>\n<\/ul>\n
![\"Bitcoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-29_07-27-46.png\")