There’s this story that correlates with other sources of data indicating some bearish factors that can affect crypto when its condition triggers. We already know that Reddit is a faucet of new power through realtime word wide connectivity. Can you believe that when a company called Glacier Capital announced a big short position on a stock; redditors had sleuthed through all data about the company and doubted their existence. So much so that within 12 hours someone was dispatched to the company address in Luxembourg.
All for a North American company stock.
Incredible how much reach and results a decentralized self-vetting group of people can do around the world, united under common goals.
Therefore, should the information be properly vetted it should be considered a source. Arguably one more transparent and forthcoming than news media.
Since we established this for our new readers, lets jump into this story I want to address. There appears to a wallet having a one sided negative correlation with specific price action from stocks that WallStreet traders aggressively have been trying to short into oblivion. This means that everytime these stocks go up; Bitcoin in the wallet is taken out. This can be theorized as an investor (Whale level) , or financial institution is using that wallet to satisfy margin requirements on a bearish short bid.
Specifically; Gamestop. The center of all the chaos to be extensively written upon in a future post. Meanwhile the redditors have done some fantastic writeups about GameStop.
As advised in other articles , diversity is key for a healthy portfolio. Having GME as a portion in personal picks has been a strong earner ; but also what it stands for. That in this digital age, power is seizable and rewardable to all who choose to seek it.
For those who are just hearing about GME or don’t believe that owning the stock has merit; let’s explore where you get your information from. There are billions at loss for the bearish short side, people who own significant portions of media. They’ve been so blatant about it when we examine the facts. GameStop is one of the most traded stocks in retail; and has been having huge shifts in company direction and value. Yet, why does the media keep calling it a meme stock that is about to crash everyday; and no reports on it climbing high ? Because of their vested interests. It is 2021, network media news outlets have been dead for quite some time. They must all feel silly as these as the same investors who received bailout money during the 2008 Recesssion.
Back to the bitcoin wallet and why it matters
Well, when the GME short squeeze occurs; ~4 billion in bitcoin is going to be sold and liquidated. This will probably cause a crash or at the least a flash crash and a great dip buy. Meanwhile, and until that happens crypto will be climbing in a bullish manner. That 4 billion dollar is probably not the only wallet backing investing accounts. Bitcoin will be facing some bearish factors as people back their margin accounts currently. Especially with the recent GME rise in price this week. But the big bear factor is yet to occur.
This provides a good opportunity for crypto investors to look into the other coins and which have merit, as the bitcoin market share of crypto should decrease and provide way for other coins to rise in value. Binance and Kucoin are great exchanges which both in conjunction cover the majority of coins available on reputable platforms.
Leave a comment if you have any questions. Let us know what you think!