Bitcoin Bullwhale Now Sits on Huge Profits

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Joe the bull almost lost his shirt last month when a massive margin long sent him minus $25 million.

The bull whale, who like presidents and prime ministers also uses Twitter, is now some $3.5 million in the green.

Bitcoin bullwhale swims in green, Jan 2020
Bitcoin bullwhale swims in green, Jan 2020

Joe the bull came to attention in December when he sent longs up and up, opening a 20,000 bitcoin position, worth at the time some $100 million.

As price went against him with other whales perhaps trying to force him to close his position, which means he would have needed to sell some 20,000 bitcoin so bringing the price further down, Joe kept his cool and trolled the bears on twitter.

Now it seems he has been slowly closing, with the first chart below being longs followed by price.

So for much of December the bitcoin bullwhale opened and opened longs until Christmas eve.

Price for much of that period was somewhat stable, although it did turn downwards at times, but finally it jumps up by a bit more than $1,500.

That’s when the whale starts closing off, beginning around 4th of January when the seismic geopolitical event occurred.

At the time there were 45,000 bitcoin longs, now there are ₿35,000, giving him an estimated profit of around ₿10,000 ($20 million) depending on when he sold.

Making that an astonishing turn of event with bitcoin shorts on Bitfinex currently standing at ₿3,300, or about as much as the whale’s profits.

Copyrights Trustnodes.com

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