ETH Shorts Drop 65% on Bitfinex
Ethereum has drawn traders’ attention after a sharp reduction in short positions on Bitfinex. According to data cited by Coindoo, the ETH/USD Shorts reading fell from roughly 97,500 ETH to 34,000 ETH, a decline of about 65%. The move followed a wave of discussion on Crypto X about the risk of a potential Ethereum short squeeze. However, broader ETH futures open interest had already been declining before the social-media discussion intensified. Aggregate open interest fell from around $16.08 billion on September 21 to approximately $14.06 billion on September 28, a reduction of about 12.5%. The available data therefore do not establish that social-media posts caused the position changes. ETH was trading near $2,650 after retreating from a recent high around $2,800. For exchange users, derivatives positioning can provide additional context for market activity and potential volatility. Track ETH rates and exchange conditions on xbit.money.