Bitcoin has some of the best TA chart painters in all of finance fight me
There's been no large spike in transaction volume during this entire pump, meaning coins being bought and sold are already on exchanges and have largely remained there.

Profit takers gonna take profits
I've also been watching Bitfinex BTC price vs Kraken BTC price: when BTC goes up, Kraken is priced higher; when BTC goes down Bitfinex is priced higher.
Let's assume the "Bitfinex controls the whole market via USDT" narrative is true.

Bitfinex would print USDT and send it to *itself* on a variety of exchanges.

Given the price differential during volatility swings, the exact mechanism is potentially revealed.
Bitcoin at these prices has no resistance levels.

This volatility is whales setting up the parabola.
Peer-to-peer exchanges are social media platforms and the trading activity are conversations.
You can watch the spread between Bitfinex and Kraken and almost guess what's gonna happen next better than a coin toss.
Binance, which is a USDT market, is sort of ... magnetically ... attached to the Bitfinex USD price.

This supports the "Bitfinex controls the market through USDT" narrative by assuming Bitfinex prints USDT and sends it to itself on other exchanges.
Notice the difference in wicks at 1 minute resolution and you can tell who is setting the price and who is serving momentum bets.

Binance is like a gambling hall.
This scheme works because of how traders use USDT compared to what Bitfinex wants.

Bitfinex wants BTC. They do not want USDT.

Traders want price stable assets during times of volatility and if you don't need a bank account for it even better.
You can follow @BryceWeiner.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: