the rally to come under pressure in the second half of 2023 “if growth stalls in absolute terms."
OKX, for instance, provides a margin-lending indicator based on the stablecoin/BTC ratio. Traders can increase their exposure by borrowing stablecoins to buy Bitcoin. On the other hand, Bitcoin borrowers can only bet on the decline of a cryptocurrency’s price.The above chart shows that OKX traders’ margin-lending ratio has been declining since June 10, indicating the overwhelming dominance of longs is over.
The opposite movement happened at Binance, as top traders reduced their long-to-short ratio to 1.18 on June 15 but subsequently added longs, and the indicator stands at 1.25. Albeit an improvement, Binance’s top traders' long-to-short ratio is presently in line with the previous two-week average.Bitcoin’s price gains are capped despite resilience in derivative metrics
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