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
