Bitcoin price reached $11k, and FOMO set in. However, an interesting observation made by most traders noted that the BTC short futures position is on the rise. The buy orders are on an overdrive, which must have led the price of the king coin to reach higher.
Twitter user @Silver_Watchdog informed the community:
“Four or less traders hold almost 70% of all btc short futures positions. (COT Data)”
These traders could probably be whales of the market or retail traders have accumulated shorts and reduced the long exposure and according to the Twitter user, it could be positioning for a drop in the price of Bitcoin.
While the rumors of Bitfinex’s role in this pump are not seeing a stop, most crypto enthusiasts who have followed each and every movement of the coins speculate Tether Treasury’s recent minting of USDT has something to do with the rise in the BTC’s price.
The Twitter user @Silver_Watchdog further added:
“What the crypto market needs are some players like Jim Chanos or Muddy Waters to exposure the frauds. Right now are hardly any fraud detectors other than a few anon tweeters. Taking down Bitfinex with several exchanges would be a huge profitable play if it could be done.”
Bitfinex and Tether may not be the only two parties whose recent activities have raised eyebrows, but USDC treasury too. The treasury, like Tether, has minted a large amount of USDC. However, many users and accounts that track the coins and the market have flagged suspicious transactions amid exchanges, no one can conclusively prove anything.
At press time, BTC rules at $10,710.06 with a market cap of $190 million. The 24-hour trading volume of the coin was reported to be $25.49 billion as it slipped by 0.79% over the past day. The coin noted a 17.19% growth over the past week but was seen falling by 0.11% within an hour.