Indeed, there is a sense that this trend is starting to get a little tired, and the most shorted names themselves are trading near session lows (although the latest round of Robinhood restrictions which laughably permits just 2 shares of bitcoin be purchased certainly has something to do with this).
So what next?
Here we respectfully bring to the attention of r/wallstreetbets something they may have missed in their search for shortable equities: move to futures, where on asset stands out. According to the CFTC’s latest Traders in Financial Futures report, the net short position in bitcoin futures is now the biggest it has ever been.
What better way to hammer those evil hedge funds than to follow up the “short” colonoscopy with a moonshot in bitcoin, which leads to even more billions in losses.
Furthermore, now that Elon “#Bitcoin” Musk has shown just how much clout he has in the space, when one tweet…
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
… he pushed bitcoin up by 15%, or almost $100 billion in minutes, a little strategic coordination between the world’s most popular reddit forum and the world’s richest man should successfully push the world’s most valuable cryptocurrency above $100,000 in just a few days.
Fri, 01/29/2021 – 15:25
Go to Source
Author: Tyler Durden