Bears in disbelief! $1 billion in shorts wiped out as Bitcoin pumps

[headingnorth]

Haha the bears got wrecked today in a big half billion dollar+ short squeeze that helped push bitcoin to new ATHs.
It seems pretty stupid to me to still be trying to short it after the biggest players on Wall Street
have turned hugely bullish on bitcoin since the last halving event and the ETFs were introduced early last year.

Why are so many still trying to short it when inflows are still very high from the ETFs, independent companies, pension funds,
and even entire states like Texas continue to buy in record amounts? But as bitcoiners I think we should welcome these shorts
because we know what happens to them in the end. They all end up as open market spot buyers of BTC as they are forced
to cover their losing positions, and we get to laugh at them. And of course thank them.




‘Bears in disbelief’ — $1B in crypto shorts wiped as Bitcoin pumps

Bitcoin short-sellers were pummeled on Thursday as the cryptocurrency surged to new all-time highs,
resulting in more than $1 billion in short positions liquidated in 24 hours.

CoinGlass data shows that $1.01 billion in crypto short positions were liquidated, impacting 232,149 traders.
This included approximately $570 million in Bitcoin shorts.

[Ucy]

Bitcoin simply reacted to what was happening on this forum especially. Better to trade according to Bitcoin or crypto activities of the one/ones with the most influence here than moving against him/them.
The so called big players are all distractions. Their effect on Bitcoin price is close to zero, if in doubt, let them choose a week/month to move it to any direction they wish either by "pumping" in alot of money into the market or othwise. Price will move on the contrary side. *If they decide to do this, let this forum members especially those with the most influence be informed about it.

Things that are most connected to Bitcoin move the price the most. So, you have to find out what the "big players" support or promote about Bitcoin to determine if they can really move the price to the direction they wish. If they don't consistently support or promote its principles like true decentralization, self-custody, transparency, immutability, privacy, community consensus etc then their influences on the price is as "big" as that of newbies who are still discovering Bitcoin.
What gives Bitcoin a massive boost are the extraordinary, and things that are according to its ideals. That's where the value is..

[Dunamisx]

I do say it to some of my confidants closer to me that the most delicate aspect of bitcoin is trading, because you can be losing even when we are on bullrun as you take a short position and same can happen to you if you are on long position and the market is falling, this is why we keep hearing about the liquidation worth of assets people are losing each time the market falls or rises, i hope we are always prepared for this, except we are long time investors ready to hodl.

[Antotena]

I do say it to some of my confidants closer to me that the most delicate aspect of bitcoin is trading, because you can be losing even when we are on bullrun as you take a short position and same can happen to you if you are on long position and the market is falling, this is why we keep hearing about the liquidation worth of assets people are losing each time the market falls or rises, i hope we are always prepared for this, except we are long time investors ready to hodl.

This is only if you engage in futures and margin. I don't think the market is that volatile for a spot trader nlg to k know when to exit the market early, maybe futures can be a big blow on the face considering the fact that you are leveraging your trade and it might cost you but normal spot trader shouldn't have a problem exiting the market quickly especially when Bitcoin has already been giving the sign, it tasted $109k multiple times before it finally broke it.

I have made my peace that anytime I consider future trading, I will make sure that the market is going to be my friend, I will not go against the market. You can sense the market was giving the signal but some bear people will believe what they want to believe. Even if the public seeing it, if they are the only person that doesn't see it, no bull trader will make them change their mind and sometimes really ponder why some people are these stubborn about market beliefs.

[alani123]

I don't think it's so.muvb of the safe heaven thing as much as it is money cycling back to the space.

People aren't so interested to take speculative risk with bitcoin which is evident by what's happening to shitcoins. All the craze to put money to shitty coins with no effort drives away attention from bitcoin. The space at large is doing ok but bitcoin could be doing much better.

Ok the other hand if you consider where all this money is coming from, a lot of money is cycling back from the space and into BTC. Yes indeed MicroStrategy is behind some of the largest purchases and the investors are mostly systemic. If the company's bonds faulter the systemic investors know they can have a stake at a company with a still decent cash flow. But it's a difficult point given how much exposure is centralised at one specific company.

[PrivacyG]

A lot of them are still betting on Bitcoin to finally do the overturn and do what it never did, which is falling to the bottom and not returning again in between two Halvings.  That is it in my opinion, nothing more.

Some people are REALLY hoping for Bitcoin to finally do it so they can finally prove themselves to be right and prophets of the doom of Bitcoin.

[Ambatman]

Then when I used to trade, I usually hear the word that everybody is a great trader In a bull market
Until I knew about leverage trading and shorts.
It must be devastating for them
But sometimes you just have to follow the market.

There are People that are still entering shorts now
When the market looks so healthy to try $130K

[aoluain]

I think most people here on the Bitcoin forum believe we are still in a Bull market
and have been pretty much since the halving. I'm not a trader but I have heard the
phrase "Never short Bitcoin in a Bull market"

Leveraged trades in particular can be a dangerous trading mechanism particularly
for those who are inexperienced and those who are over exuberant with very high
leveraged positions coupled with not being able to read the signs of market movements.

[passwordnow]

I won't laugh at them, they're just trying to do something for themselves and make money out of the market. But this is all about Bitcoin, a very unpredictable move that it always get to do. So, being against to it if they're shorting, they have some basis on it and probably the technical analyses that they've done shown them that they have to short it. And, we've seen that it's not effective because typically that it goes with a skyrocketing whenever it has to do it or there is something big that's about to come or has come to the market and with what's the news has come. We always tell to HODL but if they short and they just want to add some for their stash, better to HODL only and DCA.

[wakier]

I do say it to some of my confidants closer to me that the most delicate aspect of bitcoin is trading, because you can be losing even when we are on bullrun as you take a short position and same can happen to you if you are on long position and the market is falling, this is why we keep hearing about the liquidation worth of assets people are losing each time the market falls or rises, i hope we are always prepared for this, except we are long time investors ready to hodl.

I think it only happens in futures trading where you can lose assets in an instant if you go long/short, the market price is very volatile, it has a very big risk if you do futures trading but with high rewards, it is different if you do spot trading, your assets will remain intact even if the market is down, you just wait for the price to return to normal to sell it or you can sell it at a loss, but that is better than losing all your assets.

[X-ray]

As always the foolish shorter are giving free money to the market.

The funny thing is you'd still see some people reopening short position not long after getting liquidated thinking the market would just dump after they got them but actually no.

Shorters are just future buyers and once their position got liquidated they have no choice but to buy at ATH to fulfill contract, as a result a fuel for another pump.

[Darker45]

I cannot but compare these bears to gamblers. I'm sure not all of them have deep chart analysis to back their positions. I guess many of them are simply driven by the fact that Bitcoin has been rising for the past few years, growing several folds. They must have thought the time for it to finally correct big-time is now. It's long overdue. Well, it doesn't necessarily mean that since Bitcoin has been making ATHs after ATHs for the past 3 years, it will finally tank. There might be more ATHs in store for us in the short-term than we imagine.  

Also, the past few months have been up and down sideways, but that's only after Bitcoin plunged to the $70,000 level in April. They probably thought we're going back there one of these days.

Well, they're wrong. But lessons were learned. Perhaps they should go long next time.

[JeffBrad12]

It's their fault to short on bitcoin when money keep being printed and there's an urgent need for the wealthy corporations to find a safe haven for their asset. Had they longed bitcoin instead, they'd have make some big money. It's the price they need to pay for shorting the best asset in this century.

[headingnorth]

Yeah using leverage to short or long bet is a fools game. People think it is easy to multiply your money with leverage.
It isn't. You will end up with many losses before getting a win, so in the end you are lucky just to break even with
your short or long bet.

So you went through all that hassle and stress just to break even. What a big waste of time.
Leverage can be deceptively attractive making people think they can 5x, 10x, even 50x their money in a short time.
What they may not realize is the exchange itself and other whales are actively placing bets against you.
Their goal is to liquidate you, and they usually succeed. Where do people think the money is coming
from to pay off a 50x, 100x winning short or long bet? It is highly manipulated. Money doesn't come that easy.

You have better chances by playing the roulette wheel in the casino. But there are no shortcuts in life.
The only sure thing is buying bitcoin and holding for a long-term investment.

[Agbamoni]

I do say it to some of my confidants closer to me that the most delicate aspect of bitcoin is trading, because you can be losing even when we are on bullrun as you take a short position and same can happen to you if you are on long position and the market is falling, this is why we keep hearing about the liquidation worth of assets people are losing each time the market falls or rises, i hope we are always prepared for this, except we are long time investors ready to hodl.

This is only if you engage in futures and margin. I don't think the market is that volatile for a spot trader nlg to k know when to exit the market early, maybe futures can be a big blow on the face considering the fact that you are leveraging your trade and it might cost you but normal spot trader shouldn't have a problem exiting the market quickly especially when Bitcoin has already been giving the sign, it tasted $109k multiple times before it finally broke it.

No. The recent price movement on Bitcoin taught most people a lesson. The market was so volatile that it creates new ATH in less than an hour. We saw new ATH quicker in an interval of two days so any trader who entered the market in the opposite direction has to wait for a while before the going regaining back the value or make profit. It may take longer for Bitcoin to go below $107k so it may happen as the price is in $117k now.

[NotATether]

Why are so many still trying to short it when inflows are still very high from the ETFs, independent companies, pension funds,
and even entire states like Texas continue to buy in record amounts?

Because they were trying to catch the peak and sell it.

Not a bad idea in theory, but it usually never works in practice because they keep missing the actual peak.

No. The recent price movement on Bitcoin taught most people a lesson. The market was so volatile that it creates new ATH in less than an hour. We saw new ATH quicker in an interval of two days so any trader who entered the market in the opposite direction has to wait for a while before the going regaining back the value or make profit. It may take longer for Bitcoin to go below $107k so it may happen as the price is in $117k now.

When was the last time we saw something like this? 2021? I don't think we have ever experienced sustained consecutive ATHs since then.

So you went through all that hassle and stress just to break even. What a big waste of time.
Leverage can be deceptively attractive making people think they can 5x, 10x, even 50x their money in a short time.
What they may not realize is the exchange itself and other whales are actively placing bets against you.
Their goal is to liquidate you, and they usually succeed. Where do people think the money is coming
from to pay off a 50x, 100x winning short or long bet? It is highly manipulated. Money doesn't come that easy.

They simply borrow money from the exchanges to make those trades, but the trouble is, the market movement is basically random enough that 20%, 10%, 5% price changes in the wrong direction can completely wipe out your position because that's basically the "risk" for the exchange to place such positions on you.

Exchanges are simply giant order books anyway so if there was an exchange that was secretly holding open positions, that would be a scandal since they would basically be trading with itself and creating a fake trading volume.

[Agbamoni]

No. The recent price movement on Bitcoin taught most people a lesson. The market was so volatile that it creates new ATH in less than an hour. We saw new ATH quicker in an interval of two days so any trader who entered the market in the opposite direction has to wait for a while before the going regaining back the value or make profit. It may take longer for Bitcoin to go below $107k so it may happen as the price is in $117k now.

When was the last time we saw something like this? 2021? I don't think we have ever experienced sustained consecutive ATHs since then.

Yes! I can say what happened in 2021 is similar to what is happening now. The consecutive ATHs happened out of the structural imbalance between demand and supply, in 2021 it started when paper bitcoin was the talk of the town, and now we are seeing massive demand and supply.

So yeah, we’ve had consecutive ATHs before but this could attract something we've been expecting for a long time, that is a sure bullish era.

[slaman29]

The only thing I'm uncomfortable about is the last bit of this truth. Yes bears are in disbelief because they were forced to liquidate but Bitcoin indeed is in a pump. Smells like a good old fashioned pump. I think big ATH coming, but does not look like a nice rise that I prefer.

Low volume on Binance and on Kraken.

US money is expected to get rate cut.

And companies all doing switch to 'crypto treasuries' but not BTC, rather SOL and ETH.

<>
When was the last time we saw something like this? 2021? I don't think we have ever experienced sustained consecutive ATHs since then.

Yes! I can say what happened in 2021 is similar to what is happening now. The consecutive ATHs happened out of the structural imbalance between demand and supply, in 2021 it started when paper bitcoin was the talk of the town, and now we are seeing massive demand and supply.
[/quote]

Not just that, 1st ATH to current ATH is > 1 year!

[headingnorth]

They simply borrow money from the exchanges to make those trades, but the trouble is, the market movement is basically random enough that 20%, 10%, 5% price changes in the wrong direction can completely wipe out your position because that's basically the "risk" for the exchange to place such positions on you.

Exchanges are simply giant order books anyway so if there was an exchange that was secretly holding open positions, that would be a scandal since they would basically be trading with itself and creating a fake trading volume.

You can look at the order books to see the trades, but you don't know who is making those trades.
They are anonymous. It could be anyone, perhaps some are being made by the exchange itself.

[EarnOnVictor]

Why are so many still trying to short it when inflows are still very high from the ETFs, independent companies, pension funds,
and even entire states like Texas continue to buy in record amounts?

In any free market, both bears and bulls play important role, and you can't certainly stop one for the other.

It's the time of the bulls, so what? Why the mock? Haven't we seen bulls getting roated in the time of the bear? So you don't mock those who are trying to contribute their quote into the market.

The only reason I blame such people is their recklessness. Anything you do in the market must be managerially planned in case it goes south.