It's been a very exciting week for the corn, freaks. The sleeping beast was suddenly awoken by a face-ripping price increase that came out of nowhere and gored the side of the unsuspecting $BTC bears. In the wake of ~20% two-day gains, many conspiracy theorists obsessed with Tether and nocoiners alike began screeching about "Manipulation!" to anyone unfortunate enough to be exposed to their musings. Many speculated that there were whales spoofing markets to fill bids and margin call others.
Desk Update: The post-trade analysis of Monday evening’s price action revealed a series of large bids (>1,000 BTC per order) within a 1 hour span, which appear to be actual buyers vs. forced liquidations. pic.twitter.com/UiuHLoCbPr
— Cumberland (@CumberlandSays) April 4, 2019
Executed, economically binding trades
— Bobby Cho (@robertjcho) April 4, 2019
Luckily for us, the kind folks at Cumberland, an OTC desk based out of Chicago, took to Twitter to let the world know that some big OTC trades were happening while the price was going wild. Each dotted line in that screenshot above represents a purchase of >1,000BTC in a 1-second timeframe. It seems to me that someone was ready to pull the trigger and start #stackingsats in a BIG way.
Interestingly, these big buys coincided with the first day of the quarter, so maybe a fund or family office got the okay to go in at this time and decided to throw all inhibitions to the wind and go Leroy Jenkins on us by market buying in insane chunks instead of scaling in. They simply had to possess the corn and they could not wait. The animal spirits came out to play this week, we shall see how long they linger. Was this the beginning of a bigger move or simply a tremor in the depths of the bear market?
Final thought...
One time, in college, I had a severe burrito addiction and was biking back from Los Tres Panchos at 1am with a burrito tucked into my right arm like a running back holds a football. Should have had the ball of goodness in my left arm because I had to swerve from being hit by a car, used my left hand to hit the front brake as hard as possible, and flew over the handlebars with some authority.
Luckily, I'm extremely athletic and was able to somersault with the burrito still tucked in my arm. Lost the Verde sauce and bent my roommates tire though.
Enjoy your weekend, freaks.
