Snapshot: Traders overwhelmingly using margin to short Bitcoin Cash and Bitcoin SV on Poloniex
We announced in early April that we were making available — for non-US customers — a wave of new crypto assets for margin trading, starting with Ethereum Classic (ETC) and followed quickly after with Bitcoin Cash (BCHABC) and Bitcoin SV (BCHSV) and just yesterday with Cosmos Atom (ATOM) and EOS (EOS).
Now Poloniex customers can trade on margin (all with BTC as the base pair and at 2.5 times leverage) the following: EOS, ATOM, BCHABC, BCHSV, ETC, XRP, ETH, XMR, STR, FCT, LTC, BTS, DOGE, DASH, MAID, and CLAM.
There’s been a variety of news events that have driven trading for ETC, Bitcoin Cash, and Bitcoin SV. Notably, the feud between Craig Wright and the crypto community prompted multiple exchanges to delist Bitcoin SV.
Not surprisingly, traders have tried to take advantage of this by using margin to overwhelmingly short Bitcoin SV. It’s unclear what’s driving people to short Bitcoin Cash. See the results below, all with BTC as a base pair, for the percentage of long vs. short positions as of April 24, 2019.
