Highest bid on BIT is now 400 USD for a coin. And nobody is selling yet...
This does sound like good news, but there's a problem...
As the Twitter message mentions, people that have held their 'shares' for 12 months or more can now sell.
I cannot find how many BTC Grayscale holds, but it can never be a lot.
This makes for a problem, as the volume can never be higher than the amount of shares/BTC that has been held for more than 12 months.
This volume is probably not even 1% of the daily traded volume on current exchanges, which means at the moment this is still useless to institutional investors.
$4.8MM in new longs on finex over last 24hrs
that's the only thing that can stop us $35MM long squeeze
Down to under $32MM again though, even though I can't imagine traders have ditched $3MM again in that short time with that volume.
These strange spikes seem to happen more often. Any idea what might be causing them?
$4.8MM in new longs on finex over last 24hrs
that's the only thing that can stop us $35MM long squeeze
Down to under $32MM again though, even though I can't imagine traders have ditched $3MM again in that short time with that volume.
These strange spikes seem to happen more often. Any idea what might be causing them?
Alts, lol... Possible some are ditching their altcoins to reinvest in btc in anticipation of the halving, (not wanting to risk missing out should btc soar) and most of us hope and believe btc will rise as we get closer to July... I mean, for example, why sit on a ton of Eth, when you feel btc will rise significantly...
(Eth always drops as btc goes up...) so it seems.
I mean the spikes in longs (USD denominated) only on Bitfinex...
Often millions of dollars in longs get opened, without the volume in BTC/USD markets to support it. The only way I can see this happening is if the numbers point for all borrowed USD's across all markets.
Could that be the case?