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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Underwater Bitfinex Bitcoin Whale Now Nearly $7 Million in Profit

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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A Bitcoin whale on the popular cryptocurrency margin trading platform Bitfinex who just weeks ago was underwater to the tune of $25 million, is now topping the exchange’s leaderboards with nearly $7 million in unrealized profit.

Bitfinex Whale Comes Out From Underwater, $7 Million in Profit

Bitcoin price has been in a downtrend since June 2019, but yesterday’s surprise rally may have put an end to months of decline and could send the leading cryptocurrency by market cap back on an upward trajectory.

Yesterday, the cryptocurrency pumped to $8,000 before cooling off and consolidating slightly lower around $7850. The crypto asset was able to take out weekly resistance at $7,500, and a close above it on Sunday could give bullish traders confidence for more upside in the coming weeks.

Related Reading | Bitcoin Price RSI Breakout Could Target $9K Short-Term 

The pump also pushed a lone Bitfinex whale into profit, after spending weeks at as much as $25 million underwater. Following the surge in Bitcoin price, the whale’s large, underwater positions are now valued at nearly $7 million in unrealized profit and loss.

The fact that the whale hasn’t closed his long positions, suggests that they are expecting more upside in Bitcoin to follow.

Because Bitfinex is a margin trading platform, had the price of Bitcoin continued to fall, the whale’s positions could be put in jeopardy of being liquidated. However, Bitfinex offers lower levels of margin to traders than BitMEX’s 100x, so the price would likely have to go extremely low in order to cause the liquidation of the whale’s long positions. Either that or our whale was grossly mismanaging his margin.

This explains why the trader was able to go as far as $25 million underwater. Until a trader is liquidated or closes out positions, profit and loss remain unrealized. It’s not until the trade is closed until any losses or profits become realized.

The whale used this to their advantage, and let their positions go underwater and waited to Bitcoin to do what it does best.

What Can Be Learned From the Bitcoin Whale?

The Bitfinex whale, known as Joe007, has become a popular figure in the cryptocurrency community. Not only has he enjoyed fanfare for his bold trading tactics, driving Bitfinex longs to the highest the metric has ever been, but many believe the whale could be in part responsible for pushing Bitcoin out of the depths of the downtrend.

Related Reading | Crypto Comeback: After Two Years of Bear Market, Bitcoin And Ethereum May Be Ready To Rebound

Crypto analysts applaud the fact they now can monitor and gather insights from a real-world cryptocurrency whale, offering a unique take on the market, sentiment, assets, and more.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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