Bitcoin margin data - BTC 14D

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On the Bitcoin price chart you can see:

• Bitcoin price in USD (white line)
• Total Bitcoin longs (green line)
• Total Bitcoin short (red line)

Both longs and shorts are measured in BTC. On shorter timeframes (say below one week) longs and shorts are typically almost straight lines because they don't fluctuate much and because of Y-axis scaling.

The two charts below the price chart show the same values for total longs and shorts, but capture the short term flucturations much better.

Pain and Mana is a health-score that is calculated by Datamish. Both longs and shorts have a pain and a mana score. Pain is bad and mana is good.

Pain score increases when traders are adding to Bitcoin positions while the market is moving against them. So they could be in for a squeeze.

Increased mana score happens when traders are closing their Bitcoin positions while price is moving with them. They are regaining energy. A positive mana score can sometimes happen after the other side has been squeezed successfully.

Pain and mana score is dependent on timeframe, so Datamish calculates the scores for three different timeframes: 24h, 7d, and 14d.

Pain and mana score does not tell you anything you couldn’t figure out for yourself by looking at the price chart, the longs chart, and the shorts chart. If you want to learn more the about how pain and mana score works then go to one of the time three frames and consider how price, shorts, and longs have developed within in that timeframe.

On the chart you can see:

• Left-Y: Daily interest rate for USD (grey line)
• Right-Y: Total longs measured in Bitcoin (green line)

Changes in long positions are important to consider. Increasing longs express a bullish sentiment, and decreasing longs express a bearish sentiment.

If USD interest rate is high, traders are less likely to borrow USD to go long Bitcoin.

Interest rate can be pushed up if there is little funding available, so it is a good idea to keep an eye on both interest rates and available funding. At the top of the page there is a section where you can see how much USD funding is available.

The risk of liquidation means that margin traders are "weak hands" that can easily be shaken out of their positions. If there are too many longs this can result in a long squeeze.

On the chart you can see:

• Left-Y: Daily interest rate for Bitcoin (grey line)
• Right-Y: Total shorts measured in BTC (red line)

If Bitcoin interest rate is high, traders are less likely to borrow Bitcoin to go short. Interest rate can be pushed up if there is little Bitcoin funding available, so that is worth considering. At the top of the page there is a section where you can see how much Bitcoin funding is available.

Changes in short positions are important to consider. If shorts increase then sentiment is bearish, and if shorts decrease then bearish sentiment is decreasing.

The risk of liquidation means that margin traders are "weak hands" that can easily be shaken out of their positions. If there are too many shorters then that can lead to a short squeeze.

This chart shows the distribution of longs and shorts as a percentage of the total margin interest, and tracks how this distribution has changed over time.

On this chart you can see:

• Yellow line: The amount of BTC shorts that are known to be hedged.
• Red line: The amount of BTC shorts that are unhedged (or rather not known to be hedged).

Adding hedged and unhedged shorts gives you the total amount of shorts.

Sometimes you will see a sudden and substantial drop in the total amount of shorts that has no effect on price. This can seem surprising because you usually complete a trade when you close a short position. The explanation is that the closed short position was hedged. In other words the trader that closed his position did not need to go into the market to buy cover when the position was closed.

On this chart you can see sentiment changes for the past 24 hours (the timeframe is fixed).

Essentially the chart is reflecting how much BTC has been added or removed on the short side (red line) and how much BTC that has been added or removed on the long side (green line).

If the green line is above the red line then sentiment can be said to be more bullish than bearish. Likewise sentiment can be said to be more bearish than bullish if the red line is above the green line.

This chart shows the volume liquidated each day for the past two weeks (timeframe is fixed).

Short liquidations are green, and long liquidations are red. Bitcoin Liquidations on Bitfinex are measured in BTC.

For Bitcoin and Ethereum the charts include liquidation data from both spot AND futures exchanges.

This chart shows the total BTC volume liquidated for the selected timeframe.

Short liquidations are green, and long liquidations are red. Liquidations on Bitfinex are measured in BTC so this is what we have on the Y-Axis.

Above each bar you can see how many positions has been liquidated in total.

For Bitcoin and Ethereum the charts include liquidation data from both spot AND futures exchanges.

This chart shows the volume liquidated for the Bitcoin-USD trading pair each day for the past two weeks (timeframe is fixed).

Short liquidations are green, and long liquidations are red.

Liquidations on Bitmex are measured in contracts. Each contract is 1 USD.

This chart shows the total volume liquidated for the selected timeframe. Short liquidations are green, and long liquidations are red.

Bitcoin liquidations on Bitmex are measured in contracts (1 USD), so this is what we have on the Y-Axis.

Above each bar you can see how many positions have been liquidated in total.