Bitcoin may have crashed 50% in a single day in March, but this hasn’t stopped traders from investing in the cryptocurrency. In fact, a number of data sources suggest that a majority of investors are starting to load up on their BTC positions, despite the uncertainty in the global economy.Bitcoin Investors Are Buying At a Rapid ClipAccording to screenshots of crypto-enabled retail brokerages based in the U.K. shared by trader Nik Patel, users of these platforms are long on Bitcoin. In fact, for IG.com is signaling that 78% of client accounts are long on the cryptocurrency.Three of the most prominent retail brokers in the UK pic.twitter.com/kIvSpcvemG— Nik Patel (@cointradernik) April 4, 2020
This isn’t the only evidence suggesting that the majority of crypto market participants are leaning long.Qiao Wang of Messari, a former institutional trader, recently shared the below chart, which shows the Bitcoin order book for Coinbase Pro.BTC order book… While I’m short-term cautious due to macro conditions, it can’t get any more long-term bullish than this: pic.twitter.com/snq8ISFMCF— Qiao Wang (@QWQiao) April 2, 2020
Although not representative of other exchanges, it is clear that there are more traders bidding the foremost crypto than selling it, with there existing nearly 24,000 BTC worth of orders down to an order price of $2,000 and a mere 4,000 BTC worth of orders up to $12,000. Wang wrote that “it can’t get any more long-term bullish than this,” referencing the data.