Margin-longs for Ethereum are exploding today on both BitMEX and Bitfinex. Some 85% of all margin-calls are currently long for Ethereum compared to shorts.
The massive amount totals around 2% of the entire circulating supply. Indeed, 2.3M or so ETH is now now margin-long. The longs have continued to accumulate, as shown in the image below posted recently by lowstrife (@lowstrife) on Twitter.
A few days ago, BeInCrypto reported that ETH longs are up 90% so far for the year. Ethereum has also recovered 100% from its epic crash on March 13.
The last time we saw longs for Ethereum pile up like this was on April 10. Over 90% of margin traders were long on Ethereum then. The price at the time was $170 and is currently past the $200 mark.
It remains to be seen whether the overwhelming longs on Ethereum will end up being squeezed or if this is a real sign of bullish momentum.