Former BitFinex Whale Expects Bitcoin Dump as Price Hits $12K

Long/Short Misproportion Joe007 published a chart that showed a huge imbalance between the Long and Short orders in the Bitcoin derivative markets. Source: Joe007 In retrospect, most futures traders expose themselves to riskier bullish trades in anticipation that investors would keep purchasing Bitcoin at local spot highs.

That raises the possibility of whale manipulation – people with better crypto liquidity selling their spot positions at local highs to crash the price, thereby placing derivative traders on the wrong side of the trade, as well. But some didn't agree with Joe007, reminding the former whale about hundreds of millions of dollars of capital influx into the Bitcoin market by firms that were looking for a store-of-value alternative other than cash.

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