When I tweeted this a little over two years ago, BTC was finishing a massive leg up into the imminent BTC futures ETF approval led by heavy handed CME buyers. Solana was on the final leg of a massive run up, AVAX and other L1s were absolutely ripping, and ETHBTC was bleeding.
Please be careful trying to breakout trade the biggest resistance on the chart, especially after we ran 60% off the lows (partly) from a news based trade.
Dear noobs,
Bitcoin is NOT naturally going down. It’s being pushed down via whales placing spoofy sell orders on exchanges to make noobs and risk managers sell & “buy back lower". They’re stealing your bags and will make you buy back at a higher price.
Retweet for awareness.
anyways entry target sl, 1/3 here ish 1/3 on etf approval date 1/3 when the pair starts finally going up after that. btc puts bought beginning of jan for end of feb or march also probably do decent imo
So help me understand something
If Alameda was to blame for 3AC's liquidation, how did you both end up bankrupt?
Maybe you guys both just suck at trading?
We understand now that FTX/Alameda hunted our positions but at the end of the day we lost our money (we were the largest $ losers) and that of LP’s/creditors. Today we are not in control of the firm, there is a liquidation process which will run due course for all involved.
2/n
With those coming up, celcius selling hundreds of millions of eth recently, and billions locked up in blast and eigenlayer, I think eth will simply be stronger than btc to the upside and stronger if we nuke as well. I think no matter what btc does post etf, eth will be stronger
Despite seeing more "i see so many people talking about the death of eth right now, bullish eth" on my TL rn than actually "eth is going to zero" tweets, I do think ETHBTC is a layup trade. After the futures ETF was approved in oct 2021, ETHBTC ran way harder than I think most
remember and as of now I think it's setting up for something similar. With potential eth spot etfs coming up later next year, I think people will be much more eager to tackle this trade earlier and will begin rotating to eth right after the ETF.
But I do think overall we are more in an august 2020 spot right now (if not a little more overheated) than a cycle market top. My point being that even though I think shorting after the etf is approved is likely a solid trade, theres better ones you can take.
So i was trying to find out why srn was pumping so hard, obviously with funding super negative there has to be a super big spot buyer right? Well no because ftx calculates the index price based on srnbtc pairs on bittrex and huobi, which are both highly illiquid
I could write a longer thread doomposting about BTC and how its such an obvious sell the news event, even if not immediately. How CME futures and BTC futures etfs in december 2017 and october 2021 painted obvious market tops for months to come after disappointing initial volumes
Roaringkitty's pnl swinging a good chunk of a billion dollars from premarket highs as he goes live to almost 500k people on youtube is a crazy fucking timeline
and how altcoin OI has been through the roof lately soaring to november 2021 levels. Theres also the billions in grayscale redemptions that will likely happen shortly after the spot etf that have been waiting to sell for years (I have no idea how this one will work/play out tbh)
Speedy response to issues.
Binance to Exclude 13 BTC Spot Pairs in Trading Volume Calculations | Binance Support
VIP tiering adjustment will come soon.
@0xMerp
@AndrewDARMACAP
@MichaelTant3
@fintechfrank
3AC? Never even heard of them. He’s talking about regulated institutions u fer SEC/CFTC purview, striking a monthly NAV, with AUM greater than $100M. Not 3 crypto kids with friend & family money. Lots of people buying stuff with their personal account…
2 days into the competition and we are seeing major moves!
@mgnr_io
keeps consolidating the first position at 55% profit 🤯
It hasn't gone so well for
@JandX_
though, gg wp 💀
Find the link to follow the competition in real-time here
Please be careful trying to breakout trade the biggest resistance on the chart, especially after we ran 60% off the lows (partly) from a news based trade.
Starting around 06:00 UTC OI started rapidly increasing across multiple exchanges and from what I'm seeing, was being absorbed hard for a while. Eventually though, it was too much and the people fading this bid had to close all at once resulting in a spread destroying god candle
So one entity can open 500mil srn or so in OI, then run up the index price v perp price w illiquid books, and get paid massive funding just for holding open their position.
everyones been waiting for a wipeout wick which we finally got, significant spot premium, shorts piling in at the lows, exchange spreads breaking, highest binance futs vol since Dec 3rd, etc etc
I haven't really had too much conviction in a trade idea in a while, but this feels more like a classic btc bottom than anything we've had in months. If you push aside all the macro and legacy correlations for a second, every almost every btc bottom looks like this :copium:
Im absolutely appalled by btc’s weakness here, rly thought we would get the HL but not looking the best anymore, im cutting for the small loss before it turns into a bigger one
If you are synthetically long ethbtc by longing eth and shorting btc or holding eth spot and shorting btc for funding, make sure to rebalance these positions especially if you took the above entries. For example if long 1m ethbtc from 0.05 or so after the false approval, the eth
jezs blog does a really good job explaining what’s special about blast on the fundamental side
also think its one of the best uses of money to bridge and farm points until withdrawals are live in february
this code has infinite uses if you need one
Starting around 06:00 UTC OI started rapidly increasing across multiple exchanges and from what I'm seeing, was being absorbed hard for a while. Eventually though, it was too much and the people fading this bid had to close all at once resulting in a spread destroying god candle
TLDR: as fun as it is to make fun of bears who sold the bottom this specific upthrust was from bears who sold resistance or were trying to absorb longs.