I also printed WULF profits on their rally today. Had short-puts on the Nov contract that were collecting dust on my books for some time now.
How Bitcoin market works 1.) Tether prints $1B dollar to Tether treasury 2.) CEO Paolo tweets "this is an authorized but not issued transaction..." 3.) Tethers are sent from Tether Treasury to Kraken, Bitstamp, Coinbase and Bitfinex 4.) Price magically goes up 5.) Blackrock and other ETFs buy in as the price goes up And i wasn't off! Tether just printed another Billion dollars.
I am all for anarchy, but when there is such an obvious fraud operating in broad daylight... and the government STILL does nothing, it's just beyond disgusting.
@themickey You made me curious to look into DAPP. I've never traded with that ETF, but I'm not a fan of what I see. Options volume is very poor, and the MER is over 50-basis pts. Granted, it's better than the 75 pts MER on Valkyrie Bitcoin Miners ETF (WGMI). When my contracts on WGMI come to an end, I don't think I will bother trading it again either. And... the IV is low because it's a basket of goods. Much better to just trade the individual assets separately IMHO.
Yup, the choices you guys have in America on crypto stocks leave us for dead in Australia. Man I wish I had access to those crypto stocks. I could get access but there's a high risk imo I'll get caught up in US taxation. One taxation system is bad enough and I don't want two. Crypto imo is one of the nicest for trading because it moves very nicely. In Australia we have HUNDREDS of listed gold stocks, but gold has a very speculative random element to it which increases risk. Crypto is more predictable the way I trade.
Lol rut roh orbot!!!! Crowded Bitcoin Derivatives Bets Spur Warning of ‘Short Squeeze’ Sidhartha Shukla Wed, Aug 21, 2024, 2:14 AM EDT 2 min read (Bloomberg) -- A signal from the Bitcoin derivatives market points to the growing risk of a “short squeeze” that can stoke sharp rallies in the largest digital asset, according to cryptocurrency specialist K33 Research. The metric is the funding rate for Bitcoin perpetual futures, which helps to gauge how bullish or bearish speculators are. K33 said the seven-day average annualized funding rate on Aug. 20 was the lowest since March 2023 — when US bank failures rattled investors — indicating a prevalence of downside wagers. “Perpetual swap funding rates have averaged at negative levels over the past week, while open interest has sharply increased,” K33 analysts Vetle Lunde and David Zimmerman wrote in a note. “This suggests aggressive shorting, structurally creating a setup ripe for a short squeeze.” In such a squeeze, surprise price jumps force fast-money traders to close out bearish bets, adding fuel to the bounce. The mood in the Bitcoin market has been gloomy of late: the digital asset is nursing losses for August and has struggled to hold above the $60,000 level. Meanwhile, a global stock gauge has rebounded toward a record high and gold has set fresh peaks. K33 said notional open interest — or outstanding contracts — in the perpetuals market rose by the equivalent of almost 29,000 Bitcoin over the past week. The seven-day average annualized funding rate on Aug. 20 was minus 2.5%. Such rapidly increasing open interest alongside a negative funding rate is a comparatively rare backdrop, Lunde and Zimmerman said. Perpetual futures are popular with speculators in the crypto sector as they have no set expiry. Activity has also been climbing in the more traditional Bitcoin futures market hosted by Chicago-based CME Group Inc., which may be an indication of re-engagement by US institutional investors. Bitcoin has been sapped recently by concerns that the US government is selling seized tokens. Traders are also awaiting a key speech by Federal Reserve Chair Jerome Powell, whose signals on expected interest-rate cuts could stir volatility. The token was steady at $59,550 as of 7:12 a.m. on Wednesday in London, about $14,250 below its March all-time high. https://finance.yahoo.com/news/crowded-bitcoin-derivatives-bets-spur-050957372.html
A massive short squeeze telegraphed by mainstream media? Don't drink the kool-aid! The funding rates are BARELY negative. so much liquidations waiting towards $30K. I'll give you the benefit of a doubt. A HAIL MARY pump (for the 5th time now) is POSSIBLE because Tether fraud can always pump the price up! But only until Iran sends the nukes, Bitcoin will come CRASHING DOWN HARD, before you know we will be kissing $30K price tag!