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bitcoin bitfinex whales
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The Bitcoin Battle On Bitfinex: Whales Load Up On Longs And Shorts

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

Bitcoin is an asset for everyone, but that doesn’t mean whales don’t often swallow up as many coins as they can, with the intent of sometimes spitting them back out and causing a major wave across the market.

Right now, on one of the most prominent cryptocurrency trading platforms on the market, a battle between those whales is taking place, causing both long and short positions to reach all-time high levels. But which side will win, and what will happen when she finally blows?

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Bitcoin Whales Bring Bitfinex Open Interest On Long And Shorts To Record Highs

Bitcoin price action is still reeling, in search of enough support to put in a bottom of the current downturn.  The longer it takes for such support to form, the less chances that the bull market will simply bounce right back to new record highs.

Related Reading | Lifelong Technician, Fidelity Director Breaks Down The Bitcoin Correction

But because there’s so much riding on if or not that happens, crypto whales on the trading platform Bitfinex have opened up among the most long positions in history.

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At least now you know that you can sell 15k+ BTC in couple of hours on Finex, all filled with insane liquidity.

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However, with yesterday’s move up, more than 15,000 BTC in shorts were filled, also bringing short positions on the exchange best known for whales toward peak levels.

Those positions are already underwater with the move up higher, but Bitcoin price has since pulled back to allow the “bear whale” to breathe a bit. Once they catch their breath, could they try to make a splash and move the market in the direction they want – which is clearly down?

bitcoin bitfinex whales

Shorts and longs are near record highs on Bitfinex | Source: BTCUSD on TradingView.com

Thar She Blows: What Happens When One Side Finally Wins?

Traders on Bitfinex are irrationally long, to the tune of more than $1.7 billion. Bitfinex is known for its low leverage, allowing traders to absorb deep drawdowns without liquidation.

Short positions were at a record low, then shot up by nearly $500 million from what is likely one major player. Squeezing a trader of this size given the leverage seems unlikely. Sitting in a long position waiting for upside to eventually return to Bitcoin makes sense even if it is a game of patience, but staying short while Bitcoin pumps doesn’t seem logical.

Who will win? | Source: Blockchain Whispers

That is, unless there’s a strategy involved, or this whale that is short knows something the rest of the market doesn’t.

Related Reading | Classical Chartered Market Technician Warns Of Bitcoin “Bear Trap”

Will this bearish Bitcoin whale gain the upper hand and profit from a plunge much lower while the rest of the market is long and ripe for another squeeze down?  Or will it be the bear whale that gets squeezed?

Featured image from iStockPhoto, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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