Produced | Odaily (ID: o-daily)

Produced | Odaily (ID: o-daily)

Bitcoin, which has risen sharply for 10 consecutive days, remains around $8,100 as of writing. In the past week, the price of Bitcoin has risen sharply, once breaking through the $8,200 mark, which is also the point where Bitcoin has regained its position since July 2018.

The rise of Bitcoin was extremely rapid this time, and many Bitcoin investors expressed that it was beyond expectations. In the eyes of many blockchain professionals, this is the market they have been waiting for for a long time.

This market belongs to miners, and the trading of mining machines and machine slots has ushered in prosperity again; this market also belongs to coin collectors, who are watching the value of bitcoin in their wallets increase day by day.

However, this market does not belong to the "short army".

The Bitcoin futures market is a bloodless battlefield. Some investors estimate that in the past week, the Bitcoin Air Force on OKEx and Bitmex has liquidated more than 4 billion yuan.

"A bull market is entered on the body of a 'short'."secondary title

Tragic situation

If you are an investor who pays attention to Bitcoin futures contracts, the past few days must have been quite turbulent. On the market software, news of liquidation kept popping up to remind you that the "slaughter" is in progress.

At 2 pm on May 14th, the data website Todamoon showed that the BitMEX Bitcoin futures contract liquidated $138 million in the past 24 hours.

At 11:00 pm on May 13, the Bitcoin futures contracts on OKEx and BitMEX had a new liquidation of 13,300 BTC in the past 1 hour, and the transaction liquidation was 2280.23 BTC.

According to Coin data, at this time, the total liquidation volume of the two platforms of OKEx and BitMEX was 190 million US dollars.

At 9 a.m. on May 12, 903,000 liquidation orders, or approximately 13,100 BTC, were added to the OKEx Bitcoin futures contract within 24 hours, and 773,000 liquidation units were traded, approximately 11,200 BTC.

In the face of such a fierce market, "explosion" has become the most frequent vocabulary. According to investor statistics, the liquidation volume of OKEx and Bitmex Bitcoin futures contracts has exceeded 4 billion yuan this week.

"Warriors" rushed forward one after another.

"Isn't 6000 empty?"

"Is 6500 not empty?"

"7000 must be empty!" Investor Zhao Bin smiled wryly. He closed his long position when the price of Bitcoin was 5,800 US dollars, and then opened a short position and opened a contract on OKEx.

Zhao Bin is most afraid of hearing the ringtone of the text message, because the content of the text message may be: "Dear user, due to violent market fluctuations, your BTC0628 short position with a leverage of 20.0 times has been liquidated."

Zhao Bin did not want to disclose how much he lost. He said that at present, all BTC has been replaced by BCH, and the "spot stock is full", so he will not touch futures for the time being.

"At first, I wanted to be short-selling, but I didn't expect that once it rose, it would not turn back." Investor Yin Haotian also expressed helplessness seeing the market reversal.

"Actually, the 'Air Force' is a 'multi-army', and even the most radical multi-army only sees $6,000." He said.

"Actually, the air force that had a large number of positions liquidated yesterday turned short at 6,000 (US dollars)." Yin Haotian said that these futures contract players want to make money at both ends—both long and short.

He took 100 BTC as an example, with an average of 5 times long, rising from 3,500 to 6,200, and getting about 500 BTC in hand, "Start shorting from here, and it may be 1,000 BTC."

Why must it be $6,200?

"This is a 'strong pressure' position." Yin Haotian said that 6,200 yuan belonged to last year's chip-intensive area. The bull market smashed the market to 6,200 and recovered it. When entering the bear market, it also desperately resisted at 6,200 until it fell below 6,200 at the end of the year.

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BTC's 4 "false breakouts"

Yin Haotian originally wanted to take advantage of the sideways fluctuations of EOS, but this wave of ups and downs made him "confuse".

"This market is deceptive because it has falsely fallen below 4 times since it started at 5,000 (US dollars)," Yin Haotian said.

Market forecasts are all failures.

Huang Han, an analyst of "Currency Market Trader", belongs to the "Air Force" faction.

Last Tuesday (May 7), Huang Han said: "You just need to believe that the market funds are limited, and the time period when money is more than goods has passed. The price mechanism is transparent, the hedging tools are flexible, and it is impossible to pull infinitely. Playing should be 8 losses, 1 draw and 1 profit, just choose the right direction.”

At 4 pm on May 13 (Monday), Odaily interviewed Huang Han. He said that the historical volume of Bitcoin’s rise on May 12 has reached its peak in the short term. The shock gradually weakened.

secondary title

against multiple armies

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Changes in the proportion of long and short positions on bitfinex in the past few days

According to Todamoon data, the ratio of short positions and long positions on Bitfinex was flat on April 15, and then short positions occupied an absolute position.

Taking Bitfinex as an example, from 3:00 pm on April 23, bears have been in the majority position, while bulls have been in a weak position.

On May 8, the number of positions held by the short army was 32,406, and that of the bull army was 18,544. The short army held nearly twice as many chips as the bull army.

This situation was reversed, flattened, and crossed in the early morning of May 14th. At present, the multi-army reappearance takes the lead.

"'Air Force' is fucked down."Some investors said.

Short and long are buzzwords in financial circles. Position, also known as headlining, means money. Position refers to the amount of funds owned or borrowed by investors. A position is a market agreement that promises the initial position of a contract. Those who buy the contract are long and are in a position that is expected to rise. Those who sell the contract are short and are in a position that is expected to fall.

In the virtual currency market, this term has become more straightforward and direct. "The Bitcoin futures market is an act of taking chestnuts out of the fire." Some investors said.

Judging from the data, May 11th to May 13th is the most intense time period for the confrontation between the "bully army" and the "short army".

CME Group, the world's largest futures and options trading market, said that Bitcoin futures contract transactions on its platform hit a record high on May 13, with 33,700 contracts (equivalent to 168,000 Bitcoins) traded. ), which was 50% higher than the historical record of 22,500 contracts set on April 4 last year, with a turnover of more than $1 billion.

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Two screenshots circulated in the community, the protagonist in the right picture disbanded the shouting group he formed after the liquidation

secondary title

the war has not stopped

"It's skyrocketing again, it really depends on imagination." On the morning of May 15, an investor said in the community.

At 9 a.m. on May 15th, in the past 24 hours, the price of Bitcoin has been like a roller coaster, from a maximum of $8,245 to a minimum of $7,696, with a one-day amplitude of 6.65%. In the words of an investor, "It is enough to explode both long and short." ".

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Changes in the total amount of BTC virtual contract positions on OKEx and Bitmex, the data comes from Coin

According to the total amount of BTC virtual contract positions on OKEx and Bitmex based on Coincoin’s statistics, the number jumped up on May 11 and dropped sharply on May 14. As the market fluctuated violently, some futures players began to withdraw.

"I didn't expect that a bear market could turn into such a strong bull market," Yin Haotian said.

"In the face of a powerful air force, the army and navy are scum, and in the face of dimensionality reduction strikes, any strategy is like fireworks." Investor Wei Ranchen posted an image of a "Game of Thrones" dragon breathing fire in his circle of friends, It seems to be venting anger.

The truth is the opposite.

Among the short sellers who are worried about the painful losses, discussing the reasons for this round of market fluctuations, there is a general consensus that new funds have entered the market.

Some people say that because of the weakening of the US dollar, Americans entered the market. One argument is that the premium of Coinbase is too high, and the other argument is that the pulling time is at night in China time - in the daytime in the United States.

Some people say that because Bakkt is about to launch bitcoin futures products. On the evening of May 13, Bakkt CEO Kelly Loeffler said that Bakkt is promoting a physically-settled bitcoin futures product, which may be tested in July.

But in front of the ruins, everything has become a thing of the past. Unlike a real war, there is no bloodshed or corpses, and only numbers prove the tragic traces of the Air Force. On the Babbitt forum, a netizen nicknamed "Stud is stable" said that the bull market is entered by the body of the short,

A new air force is being prepared, and a bigger counterattack is still brewing. "The bulls are ready to enter the market, and the opportunity for revenge has come." An investor said.

(I am the author Dave, you can add WeChat davesilly for blockchain reporting/communication, please note your position and reason)