Despite being a Trillion-Dollar asset, Bitcoin is still as volatile as every other Cryptocurrency, and I'm not surprised to see why @JamesWynnReal closed his 40x long amid the market's bearish sentiments last weekend. I know many of you would disagree, but $BTC is it at that stage where every other Whale could easily manipulate its price direction?
So you disagree with my thoughts? No worries, here's a recent example, and if you can't see it with open eyes, you should probably go to sleep.
Trader @JamesWynnReal Posted on X about his 40x Long position ( $1.07 billion in size), and everyone literally came after him to liquidate his position. Bitcoin's price went down dramatically, touching $104184.72.
He forcefully closed his Long position on Bitcoin and reversed his position. James tried Shorting Bitcoin, News portals started to print the news, and to his surprise, Bitcoin started to rally. Isn't this manipulation at peak?
In the end, he closed all his positions and walked away with $25 million in profit.
This was the largest ever opened position on Bitcoin, and we will never see such balls of steel again anytime soon. Kudos to @JamesWynnReal for being strong in this situation.
Bitcoin is so fragile that even a small piece of news could shape its next direction. To close my statement, Bitcoin is at that stage where Institutions have accumulated a large sum, and Retail traders are now aware of it, so they think it'll go up and up, but the reality is, there's no certain future for Bitcoin.
Every other day, we see this company has bought Blah Blah $ worth of Bitcoin. That Company has accumulated Blah Blah $ worth of Bitcoin. Still we see bitcoin fall so often.
Ethereum, stablecoins, DeFi, and tokenized real-world assets are evolving. If Bitcoin falls, it may hurt sentiment, but it won’t necessarily kill the entire space forever, still it'll make a significant impact.
Mark my words: The Fall of Bitcoin will lead the market to bleed RED. (UNCERTAIN)
#bitcoin #Binance #BinanceSquareTalks #BTCBreaksATH110K #MarketRebound
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