42 sats \ 3 replies \ @grayruby 2 Apr \ on: Freak Out! bitcoin
I don't think this has anything to do with the market action. OI was climbing all weekend heading into Monday. I think the degen market was betting on a strong inflow day but GBTC had another huge outflow day and the rest of the etfs didn't make up for it. Price started to drop as the market digested the fact that huge inflow numbers from etfs have stalled at least for now. A whole bunch of degens got liquidated in low volume overnight and wall street piled on when the futures opened. Remains to be seen if etfs will be dip buyers or get spooked and sell. Down day in stock indexes as well.
Thanks, this is why I don't trade :)
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I don't trade either but I like observing the markets. I day traded commodity futures for a year after I left my corporate job and before my business really ramped up and it was fun but also far too stressful. I couldn't disconnect. I would be up all hours of the night to see what was happening in Asian and European markets. I did pretty well but then got caught in a natural gas trade that went sideways due to an unseasonably warm beginning to winter and I couldn't defeat the sunk cost and ended up riding it down for months and wiped out almost all my profit from the rest of the year. I did end up with a small profit overall, maybe about 5k but certainly wasn't worth the time invested.
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Interesting.
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