Crypto traders are buying bitcoin (BTC) on Kraken, one of the 10 biggest cryptocurrency exchanges, as the price slides to a three-month low, Alexia Theodorou, head of derivatives told CoinDesk.
BTC dropped under $88,000 shortly before publication as Nasdaq futures pointed to continued risk aversion on Wall Street and the yen, a haven during times of turmoil, held strong against the U.S. dollar and growth-sensitive commodity currencies like the Australian dollar.
The BTC decline follows a $1 billion increase in open futures position on Binance late Monday, most likely due to traders taking shorts in anticipation of a deeper price drop.
However, bargain hunters have stepped in via Kraken, lifting the perpetual long-short ratio to a record-high 0.8. The ratio measures the proportion of buy positions open relative to active sell positions at any given time.
“Despite bitcoin’s price dropping below $90K, Kraken has seen a surge in traders…
