Bitcoin - WTF is going on?OK, call me paranoid, but anybody that has followed me for more than a minute knows I call the patterns early. I call the breaks early. I called the bottom early. I tend to panic early. Now, that being said, WTF is going on with the Bitcoin shorts the past few days or more? The Bitcoin price keeps plowing North but the short positions continue to climb. What? Nobody is going to cover? How much pain can these people take?
Or..... is there something more nefarious going on? We know, or at least I know, that the demand for BTC is HUGE worldwide. Do the exchanges have enough BTC to fill all of the orders or are they selling short to fill the buy orders hoping to cover later? I don't know. All I know is that if I was short a thousand dollars ago I would have covered so fast we would not even be talking about it.
I really am puzzled at to why the Bitcoin price continues to scream NORTH and yet there is no indication that anybody on the short side wants to cover. Are you that cock sure of your position that you will continue to take an ungodly amount of pain? I don't think so. I've been there and done that. Cut your loss and run is the order of the day.
But that does not appear to be what is happening. Bitcoin goes up, the open short positions go up. Bitcoin goes up, the open short positions go up. Rinse and repeat. This has been going on for quite some time.
My answer? I have removed ALL but about 10% of my long BTC position from the Exchange. If the shit is going to his the fan, I'll be dam if I'm going to stand in front of it.
I am STILL long, will remain long, and ALL but 10% of my Satoshi are safely tucked away under MY control.
If anybody has a good explanation of this situation I would love to hear it.
BBS Out!
