I didn't update my "trader" series since quite a long ago, simply because there was nothing to write about... The market was dull as shit, altcoins were falling and trading anything was only wasting pennies for commissions. So I was busy with other things and only watched BTC futures lazily moving up and down.
And I noticed something interesting (which you probably already know) -- the BTC market is rather thin and pretty much manipulated.
Since a couple of years ago I've heard rumors in the internets about mysterious Bitcoin whales (Cetacea Bitcoinea Vulgata), but I don't remember that a couple of years ago their presence was so evident.
Let us have a look at the recent chart:
Note the candles in red squares. They're large buys happened in less that an hour's time. That is, someone came and bought, say, 500 BTC at once and another 500 BTC in 15 minutes. It's an "only" ~$12M buy, but the price jumped out of the blue (well, some of these jumps may be caused by short squeezes, of course).
The candles on the left side are the news about some Square hedge fund's BTC position. The candles on the right -- I don't know what caused them, maybe another hedge fund news.
Of course, I don't have any proofs (in the legal sense of the word) of manipulation, but looking at BTC chart make me believe, that the evolution had produced some BTC whales indeed.
I don't blame those guys (if they do exist, of course). But it's kinda strange to have a "store of value" with a manipulated price and "engineered" liquidity.
On the other hand, I can be deeply wrong here, but if what I suspect is true -- I can believe in BTC price at $100K, or $500K, or whatever your guru says. Simply because to buy BTC at $10K, to pump it to $100K, and to sell it there to noobs is a very profitable business for some hedge fund's "shitcoin trading department".
The only thing I'm completely sure about is that if the Bitcoin whales do exist -- you'd financially better take their side of a trade...
That's all for now, folks.
(PS. I'm still largely at breakeven with my trades, if you wonder,)
