Post
Topic
Board Speculation
Merits 11 from 5 users
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
ivomm
on 11/09/2024, 16:28:08 UTC
⭐ Merited by El duderino_ (7) ,bitebits (1) ,vapourminer (1) ,JayJuanGee (1) ,AlcoHoDL (1)
These graphs clearly show that demand far exceeds supply. Over 400,000 bitcoins have been withdrawn in the last 6 months, which is 15%. In 1 month over 100,000, with 40,000 withdrawn from Kraken alone yesterday. In 4 months, Kraken's reserves are down nearly 60%. Mathematically, what is happening now is impossible - bitcoins are running out and the price is going down. This proves only one thing - that there is invisible manipulation. Nothing new, it was the same in 2020 when bitmex played against their customers. One day their bosses were arrested. The next day those nasty barts stopped, if you recall. It's the same now, I'm just not sure exactly which exchange is the cancer. It's clear that they are selling off non-existent bitcoins somewhere. The problem is that traders are influenced by the price of derivatives, even when they don't have the backing of owning bitcoins. So the culprit is most probably between bitmex, binance and bitfinex, and perhaps all of them. But I know from experience that somehow this problem will get resolved. At the very least, soon the bitcoins on kraken will dry up. Then coinbase, etc., and at some point the derivatives crooks will get screwed up badly by not being able to drive down the price with their paper bitcoins. And then there will be no one to stop the bull run.

(Click on the images for enlargement.)





P.S. There are some rumours that FTX will repay $16 billion cash to their customers. Whether it will be in USD or USD Tether, it remains to be seen. When exactly it will happen is not certain, although Q4 is still possible. One can only speculate how much will be invested in Bitcoin, and will it affect the price significantly.