BTC - It pays to HODL (sometimes)
With Bitcoin it often pays to HODL
Recently, one of the few publicly known bitcoin whales started posting his trades on the Bitfinex leader board.
The Bitfinex leader board shows the unrealized profits and losses in realtime as the trade is in play.
The most recent leader board stats can be seen here:
https://leaderboard.bitfinex.com/
Right at the top there is Joe007, and he's at the top by a wide margin...
At the time, about $8 million in the green.
Why is this interesting?
If you recall a few weeks back, the margin longs on Bitfinex kept climbing and climbing and climbing.
I even did a post on it which can be seen here:
https://steemit.com/bitcoin/@jrcornel/btc-something-very-strange-is-happening-on-bitfinex
They reached levels never seen before on Bitfinex.
Now we are hearing that a big part of that was Joe007 loading up on his long positions.
At the time Bitcoin kept drifting lower and lower and lower, dragging our friend Joe under water on his trade.
That didn't detour Joe though as he kept loading more and more longs as the price declined...
At one point the Bitfinex leader board showed that he was down over $25 million on his trade.
For most, the prospect of losing that kind of money would force even the strongest hands out.
Not Joe.
He kept doubling down and now as bitcoin has turned back up, he is up well over $8 million on his trade as the most recent gains aren't reflected in these totals yet:
(Source: https://twitter.com/J0E007/status/1214115518434742272)
In this case HODLing worked out pretty well.
However, there is no indication that he is going to be locking in gains at this point as he expects prices to go higher as we get closer to the halving.
Which means he still risks giving these gains back, or he could compound them over the coming weeks/months.
What do you think, will he give the gains back or add to them?
I think bitcoin is going to get to $10-$12kk at some point before the halving, so I think he is making the right play, but time will tell.
Stay informed my friends.
-Doc
Good god... This was all just one dude. :X
He must be Thanos...
Ha, I think he was just a part of it. Perhaps a decent sized part.
Ha, I think he was
Just a part of it. Perhaps
A decent sized part.
- jrcornel
I'm a bot. I detect haiku.
Thanks for sharing the info, mate. I didn't know that BitFinex has a leaderboard for such, and it even links back to the users' Twitter in some cases, which is pretty neat if you're looking to follow what they're into. Since BTC price has climbed a bit since your post here, it seems that Joe's about $11.8 million in the green, which is pretty astounding.
I believe BTC will keep up a steady climb in the mid-/long-term, at least touching the $9-10K region, although some volatility will be expected in the mix. I think Joe will do well to keep on HODLing.
Down $25 million to up $12 million (plus), all in a few weeks. Nice.
Quite the rollercoaster ride :-)