Bitcoin Futures

[kry29]

So, I don't know if this is really true but it sounds good. I read it on Reddit so we'llsee what y'all think.

1.Early November it's announced BTC will have two Futures Market.
2.Shortly after the announcement Hedge Fund Managers along with the wealthy elite start buying up BTC by the billions in order to drive price up to ATH (19k) with the knowledge of knowing they would short the 1st BPOE future.
3.First Future Market set at 15k
4.Hedge Fund Managers start laddering sales of their now ATH BTCs making BILLIONS.
5.These large sales slowly create panic and more people start selling. By this time The hedge funds guys are close to cashed out.
6.Market takes a dump and the Hedge Funds Made Billions buying BTC Low and selling high while at the same time NAILING their short call on Future Market.
OK GREAT HEIST RIGHT? BUT WAIT THATS NOT ALL.

1.Hedge Funds Managers and Wealthy Elite go LONG on BCME Future which is due 10 days after the first futures call.
2.Market takes a complete nose dive back to 9k and gues who is their to start buying again? Thats right the Hedge Fund Managers and Wealthy Elite.
3.With their newly made BILLIONS the Hedge Fund Managers push the price back up over course of 7 days in order to hit their LONG CALL on 2nd Futures market.
If you see a spike in the price of BTC and overall market cap after 1pm PST today (when 1st future call settles) you will have witnessed one of the greatest robberies of ALL TIME

[boneil]

There's a major flaw with that theory, Hedge Fund Managers and the Wealthy elite wouldn't participate with any real money because theres not enough liquidity. These guys work with billions. A buyer of bitcoin with a billion dollars would take the price almost immediately to 20K-30K, and they wouldn't be able to sell it without crashing the market. It would take them months to accumulate a billion dollars of bitcoin without causing a major market reaction, and even longer to sell. It takes weeks to months for these guys to accumulate positions in stocks. Bitcoin is just not a big enough market.

A trader or traders with a couple million dollars could and probably are responsible for these moves. And even then they aren't making billions.

The recent moves could all be from a single guy with a million dollar position who is trying to get out

[kry29]

Could be. I really don't understand how futures work and I had the same thoughts as you about how much that kind of money would move the needle. I don't know. Watching the sales sheet I don't think a couple million spread out would make any crazy jumps but it wouldn't lead to making billions either. Now a couple million leaving at once could have started it, and your right, it could have been one person. It is odd how the times line up with the futures deal though

[NitroZ7]

I guess the real question is why do people buy bitcoin. If they are using it for a wealth store you would think that the same factors that affect gold would affect bitcoin. Maybe this will be true in the long term who knows. But it seems to me that people bought it because of upward momentum and when the momentum reversed it did so in a similar fashion. I don’t know how you explain the rise or fall of an asset that doesn’t really seem to be correlated to anything right now other than it’s own supply and demand.