Was the plunge completely a whale? This person has completed a short sale and made a profit of $ 20 million

A high-profile Bitcoin whale said he has stopped shorting Bitcoin.

whale-2517325_1280

Image source: Pixabay

The whale is named Joe007, and from December 2019 to January 2020, it realized a $ 20 million profit on the cryptocurrency exchange Bitfinex.

About two weeks ago, Joe007 warned that the market was dominated by "phantom" currencies, citing the proliferation of trading strategies such as deception and too few fiat currencies entering the market.

Since he issued the warning, BTC has plummeted from about $ 10,150 to as low as $ 8,593-the current price is around $ 8,800. In response to a trader who asked for forgiveness, Joe007 said that he has now completed shorting Bitcoin.

"Hung.Dang: Please stop shorting. I have a family to support. Can you stop shorting for a week? I can see your true ability.

Joe007: Well, you should ask me when I'm short. But I think you were busy buying because of FOMO. " WX20200228-101419 @ 2x

Joe007 said he is bullish on Bitcoin in the long run. His core position is not trading, and he hedges the position by shorting and longing it.

"I'm bullish for a long time because Bitcoin has brought about a millennial change in currency technology. I'm pretty sure we'll see higher prices in the future. But it's likely not everyone expects it. IMHO, delaying new arrivals The new record high will not be a big deal for two to three years. "

The whale said there are many lessons to be learned from Bitcoin's recent pullback.

In the end, he said that cryptocurrency traders should learn to avoid "ridiculous narratives" made by some, such as the recent rising factor that some believe, that Bitcoin is a hedge against the economic impact of coronavirus.

After several days of continuous decline, the cryptocurrency market has finally rebounded, showing a green color, and the top ten currencies by market capitalization have basically risen. "

According to CoinMarketCap data, the overall market value of all cryptocurrencies has also rebounded from a low of $ 241.8 billion on Wednesday to about $ 254.3 billion.