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They all feed with the imbecile gamblers, who keep opening high leverage longs. They've lost so much money so far, yet they continue doing the same thing over and over again expecting different results - the definition of stupidity! Probably tens of billions $ lost in the last 2 years. Currently in Binance there are 1.9bil longs, compared to the average of 1.2bil. Clearly they expect a return above 20K to 24K perhaps. But, there is a catch! During the bear markets the up movement almost always starts after a sudden dip liquidating the leveraged longs. So there is a ~50% chance of going down and ~50% of going up but after a short and steep dip. In other words, they are betting on <1% probability of success.
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It was an easy call, wasn't it? Of course a new wave of longs replaced the liquidated, which may lead to a retest of the bottom. Normally, I despise more the shorters, but I am astounded by the tremendous stubbornness of the longers, provided that nearly 100% of all leveraged long positions have been liquidated in the last year.
I don't know if it is true, but some whale fat finger sold the other day 5K coins that were bought at some peak around 600$. I don't know how does it feel to lose 250 mil by not selling at 69K. Yes, 100mil is a good sum, but not enough for the most luxury yachts. It is just kinda stupid to join right now the bear party of dying ponzis. It kinda reminds me of mindrust, although technically this guy is in huge profit unlike the poor mindrust. I just don't get it, what you can do with such a sum in your bank account? First, paying 40% or more tax, then what? Buying a single boat to brag before your friends? This is so pathetic.
But this is the predictable human psychology. Almost at the same time, each bear cycle there is the capitulation event, when the weak holders are discouraged and decide it is better to bathe in useless paper notes rather than wait 2-3 years and sell at least 10x higher. Although the selling makes sense only if it is for a good reason and not so much about the price. I mean, no price is good enough to sell your coins just for having big amound of fiat junk and not knowing what to do with it.
Anyway, let's see how things will develop from now on. It may be just a small bear trap before the next bull run to 40K in the next 6-7 months.
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