Famous Bitcoin whale Joe007 who quit Twitter earlier last month is now back to have “some more fun.”
Since his comeback on Sunday, he hasn't yet posted his views of the current market and what he thinks would be bitcoin’s next move, not that BTC actually behaves to anyone’s whim.
He did retweet one of his tweets from just before leaving the popular social networking platform that read,
“Is the worst firmly behind us? Did the cruel winds of crypto winter finally die down, giving way to inevitable triumph of crypto spring? Are we in early stages of exciting, disorienting, breathtaking journey that is Bitcoin bull market, culminating with the fabled parabolic run?”
It’s Schrodinger's cat situation.
No more Leaderboard, No more trading setups
On being asked about his disappearance from Bitfinex’s leaderboard, Joe007 clarified that though he enjoys trolling and sharing ideas and views on twitter, he did not like, ‘schadenfreude’ over his PnL (profit and loss) as reflected on the leaderboard and “people trying to front-run/ambush me” as such he is off of it.
Now, he “may focus on increasing the quality of my existing followers.”
Back in May, he also listed protecting his trading setups as one of the reasons for his departure after the twitter experience which he described as an “experiment.”
Joe007’s profits were running into millions on Bitfinex with $5 million gains in April but his short contracts had him $20 million in an unrealized loss the next month.
Just a few days after quitting Twitter, Joe007 did appear on Bitfinex Pulse, crypto exchange’s social network for sharing crypto content, where he commented on the sudden drop in BTC price.
GBTC Record BTC Buying a “fairy tale narrative”
Although not commenting on the price of bitcoin yet, the trader took a stab at the widely pumped Grayscale bitcoin buying. Since halving, the news of GBTC buying more BTC than miners are producing has been circulating like wildfire. But this is a “fairy tale narrative,” said Joe007 explaining,
“Reality: Arbitrageurs are playing GBTC premium by BORROWING BTC and converting them into GBTC shares. Direct GBTC market buys were less than 10% of miner emission in 2020. Don't trust, verify.”
Some argue that because these BTC have a lockup period of 6 months meaning they are effectively off the market. Sure, they are just not as high as suggested.
What Joe conveniently isn't mentioning is that it doesn't matter if they were direct market buys.
The $BTC getting locked up on $GBTC are not redeemable so they're effectively locked/off the market.
More coins going off the market than are being mined.https://t.co/Gj6gR5MdU5
— WhalePanda (@WhalePanda) June 29, 2020
As we reported, Grayscale explicitly mentions the new shares created by GBTC and much of these new shares created are ‘in-kind,’ not new BTC purchases. The percentage of this in-kind is not known for 1Q20 but was 58% in 3Q18, 71% in 2Q19, and 79% in 3Q19.
The fact is, despite this much demand, the Bitcoin price is struggling to stay bullish and is stuck around $9,000.