8th December 2021 > > Whales.

tl;dr

Whales are accumulating BTC.

Market Snap

Market Wrap

Wall Street up 1,000 points or so in two days but cryptos just treading water.

Curious Cryptos’ Commentary – Whales are accumulating

That move down on Friday 3rd December to $43k (and to $28k on Huobi) killed a lot of leveraged longs in the retail space. These guys were forced to close their positions, though I suspect they will never learn the error of their ways.

It would also have hurt non-leveraged retail guys who still maintain faith in the snake oil known as technical analysis (TA). Based on a few chart squiggles, longs would have had stop loss levels triggered by the bucketload, though I suspect they will never learn the error of their ways.

The winners?

Well, anyone with a cheeky bid left on a centralised exchange, and who doesn’t have a few of those.

Also the whales.

Since that sell-off whales have added 67,000 BTC, worth approximately $3.5bn now.

I have complete confidence that no whale has ever used leverage or given a moment’s thought to TA.

Reserve Treasury Protocols (before they all go to zero