Follow the trend to get rekt

Do you know why the whale doesn't cover his insane short so you to keep piling in your money in overcrowded trade?
Because they buy spot ETH at other exchanges. The whale bough up 20k ETH at 200$ with his whale wall at Bitstamp when everyone panic sold. He is at least 1/3 hedged by spot ETH already.
But keep selling ETH it's obviously going to zero.
Huge Whale buys on Gdax today, multiple ~1000 Eth buys.
panconpalta cocoadreamboy
@cocoadreamboy, Yep, suppress price with eth/usd swap at Bitmex -- buy all possible spot supply at Kraken, Bitstamp and Gdax. This is exactly what they do
All those shorts have to be bought back at some stage right?
a buy of 72,000 ETH would bring you up to 1000 dollars?
panconpalta james.nagle.31
@james.nagle.31, can't speculate here but most shorts were opened at a 280 mark. And we have bitmex as well with 50x. I don't know where the bottom is but I am ready to speculate that a margin long with below 130 liquidation is a very safe play, below 150 somewhat safe and in terms of risk to reward is just extremely profitable play here.
hi, the value on the right does that represent the number of ETH shorted? SO right now there is over 220,000 ETH shorted? And if you look at the BitFinex orderbook
panconpalta james.nagle.31
@james.nagle.31, Hi, this is indeed a number or ETH in open interest right now. Can't speculate about the price though but yes at some point they will have to close it, with profit or with a loss. I am though completely sure whales are hedging their shorts by bying spot ETH at other exchanges. Chack out Dash shorts and how they made the price fly a week ago (DSHUSDSHORTS)
james.nagle.31 panconpalta
@panconpalta, what are your thoughts on the amount of ETH longs opened? They are higher than the shorts, perhaps liquidation of those longs could be used to cover the shorters positions?
panconpalta james.nagle.31
@james.nagle.31, that's a possibility
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