Bitfinex User Withdraws Long Ether Position Valued at $2B
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Main page Finance, Ethereum, Cryptocurrency Exchanges

Overnight on November 11, a user of crypto exchange Bitfinex has withdrawn a long position with a total volume of 435,000 Ethers (valued at $2 billion at the time of the transaction). This amount represents 80% of all long positions on the trading platform.

Despite the high volume, the deal has had little impact on the price of the crypto. As of 11:18 am CET time, Ether was trading at $4,612.96.

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Reports of the significant withdrawal have been confirmed by Paolo Ardoino, CTO at Bitfinex. The withdrawal of a position means it is not closed by selling the cryptocurrency, but the holder buys it. He/she reimburses the creditor independently.

This is not the first time that such a large position has been withdrawn. Thus, in January, a user withdrew 1.4 million ETH, then valued at $1.8 billion. Later, the price of the crypto declined for a short period of time, after which it resumed its growth.

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