Order Books are Emptying! (BTC) ETH Moving Independently.
It is worth noticing that my nature is bearish and extremely sceptical, so maybe I'm just being too negative here.
I have been following the order books on BTC (bitstamp) for a long time and I have noticed that the top 500 orders are now thinning out dramatically. Especially on the buy side. My belief is that this is because the ones that want to keep bitcoin for the fork are now already positioned, whereas the ones that doesn't want to take the risk, are out.
My guess is that some people are now facing the risk of getting stuck in BTC, whereas they were just looking for a profit and a panic dump might ensue very shortly.
ETH is gradually detaching from the BTC price, which makes me think that when this panic dump happens, and particularily if there are problems with the fork, ETH will skyrocket. It has it's own scalability issues for sure, but it's not imminent. If we see the flippening happening, we might see an even greater rise in ETH.
Good luck!
I think the buy orders are thinning out because Bitstamp is not going to support Bitcoin Cash. The majority of exchanges will be halting withdrawals/deposits on the 30th so the buy orders would be poorly positioned on bitstamp because you cannot benefit from the fork. You will find those buy orders have been re positioned on another exchange.
That is very possible, have you been investigating it?
I am pretty up to date on Bitcoin Cash. Have not been following the wallets for bitstamp or anything. But in situations like this you have to consider what you, yourself would do. If you have your buy order filled during the hours that BTC wallets are down, would you prefer to have it filled on an exchange that would credit you with Bitcoin Cash after the fork or one which does not?
I certainly see your point.