Considering the ongoing upward trend in the price of Bitcoin (BTC), some investors remain optimistic about the continuation of this rise. Institutions like Galaxy Digital are also investing in this upward trend.
Galaxy Digital’s BTC Investment
How are short-term and long-term investors performing in the current market with Galaxy’s recent actions? According to Lookonchain’s tweet dated October 28, Galaxy Digital opened a long position in Bitcoin. The tweet also shows that they invested a total of 4,162 BTC in Aave (AAVE) and Compound.
Galaxy Digital’s recent move may indicate that the company has invested in Bitcoin due to the increasing price. According to Coinglass data, Bitcoin has maintained a positive funding rate for the past few days. After reaching its highest point in almost five months on October 24, the funding rate decreased.
However, it continued to stay above the observed levels in recent months. As of the latest data, the funding rate was approximately 0.015%. Despite long positions in BTC, there have been more liquidations in recent days.
The liquidation table showed that long position liquidations exceeded $20 million on October 26, while short position liquidations were slightly above $9 million. Similarly, on October 27, long position liquidations amounted to over $24 million, while short position liquidations were slightly above $5 million.
BTC Price Analysis
On the daily timeframe chart of Bitcoin, there was a price increase of less than 1% on October 28. This gain came after two consecutive days of noticeable downward trends. However, at the time of this update, Bitcoin was still moving downward with a decrease of less than 1%.
It managed to keep its price above $34,000, especially considering the current upward trend. A price correction is likely to occur. When the correction occurs and the price recovers, long position holders can potentially benefit from significant returns.
