A closely-watched Bitcoin whale is not convinced that BTC is on the verge of a new long-term bull run.
The anonymous whale, known in the industry as Joe007, was the top trader on Bitfinex over the last two months – reaping a combined $20 million in realized profits from December through January.
Although a number of crypto analysts say Bitcoin could break all-time highs this year, Joe is countering claims that BTC will “magically” begin shooting toward the moon if it can break through resistance at around $10,000.
Trends don't magically "happen" – they are based on supply/demand imbalances and backed by fiat in/out-flows. Anyone who doesn't understand this and sees BTC as some black box that magically "does what it always does" has no business trading.
— Joe007 has nothing to teach you? (@J0E007) February 2, 2020
Joe says the number one thing to watch is the amount of fiat flowing into the crypto markets, and right now the trader is not impressed.
He points to the market capitalization of the stablecoin Tether, which is often used as a barometer of how much cash is entering the world of crypto.
“Actually, there isn’t much growth [in Tether] since July last year. Which would be very hard to explain from a position that we’re in the middle of the new bull market.”
[adinserter block="1"]Other technical and fundamental factors that attract the attention of crypto traders, the whale says, are just noise and posturing.
I'll believe it when I see the fiat inflows, sure. All the rest is just noise/posturing. It may seem oh so exciting to noobs but I've heard it all thousands of times, during all phases of market cycle. Means nothing.
— Joe007 has nothing to teach you? (@J0E007) February 2, 2020
In late July of 2019, Tether’s market cap was $4.0 billion. It has since risen to $4.6 billion at time of publishing, according to CoinMarketCap.
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