Bitcoin whale: The core BTC position is hidden by a massive short fence
Whales have always been the most influential object in the crypto market in general and Bitcoin in particular.
One of the leading traders on Bitfinex has admitted that he has a core Bitcoin position that he will never trade. His short positions are merely a fence.
The core Bitcoin position of the whale
J0E007 is a prominent Bitcoin whale, trading on Bitfinex. Although many people seem to think that big players in the market tend to trade most of their stacks, Joe007 has confirmed that he has a core Bitcoin position that he does not trade. In fact, short is merely a fence to secure this core position. This is what happens with other Bitcoin whales.
User “I Am Nomad,” asked Joe007 about his position. Winning bets with a total value of up to $ 10 million, some were impressed when J0E007 was trading its entire stack.
I do have a core BTC position that I don’t trade, so the leaderboard numbers definitely don’t paint the whole picture of changes in my total portfolio value.
— Joe007 [I identify as overweight dolphin] (@J0E007) January 31, 2020
It is worth noting that (sometimes) J0E007 can dominate the rankings while using short/ long is merely a fence to hide his already massive position.
The number of Bitcoin ‘hodlers’ has steadily increased. About 12.6 million BTC have not been moved for over 12 months. Hodlers have seen Bitcoin increase from $ 3.5k to nearly $ 14k but continue to hodl. This demonstrates a strong belief in the future prospects of BTC.
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