I found the whales and you aren’t going to like it
1 min read
I noticed on Friday night that the massive amounts of BTC shorts where being closed. Initially I thought this was profit taking. Then the % change fell to -11%. But BTC wasn’t that low. This continued and is continuing with a total of nearly 20,000BTC shorts closed ($700 Million)/ ~66%
https://www.viewbase.com/bitfinex_long_short_position
Why would the whales do this; BTC is going down and the shorts are printing money. Then the answer came today
They are shorting USDT, yes seriously!
On Bitfinex alone nearly $87 million USDT shorts have been opened. With a +125% increase in the last 24hrs. https://www.viewbase.com/bitfinex_long_short_position/ustusd
The are closing BTC shorts and shorting USDT
Why?
The obvious answer would be they believe USDT is going to rug
Any input or ideas are welcome. personally still shorting BCH and DASH today but I’m tempted to short USDT now
submitted by /u/GodlordHerus
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