Long Positions

According to reports, Andrew Kang (0xe8c19db00287e3536075114b2576c70773e039bd), founder of Mechanism Capital and GMX platform of the derivatives agreement, closed his long positions in ETH and BTC today, and subsequently opened a short position exceeding $5.6 million, with a current net worth of about $5.31 million. Andrew Kang opened a short position exceeding $5.6 million Analysis based on this information:Andrew Kang, the founder of Mechanism Capital and GMX platform, has reportedly closed his long positions in ETH and BTC and opened a short position worth over $5.6 million. This move signals his bearish stance on the crypto markets, and it has raised concerns among investors and analysts alike. Kang’s decision to shift his position from long to short is significant, as he is a prominent figure in the crypto industry and his opinions carry weight. His hedge fund, Mechanism Capital, focuses on investing in decentralized finance (DeFi) projects, and Kang has been an early supporter of several successful crypto startups. However, his…

On March 3, according to Glassnode data, more than $62 million of Bitcoin long positions were cleared this morning, hitting the highest level since August 2022…