One of the most profitable Bitfinex traders suffered huge losses after the price of Bitcoin reached $ 10,000, and decided to leave the public space.
The most famous whale, which the crypto community knew as Joe007, left the public space, before that he had actively announced the approaching BTC correction and opened shorts.
On May 7, he posted a farewell letter on Twitter, which is now unavailable since he deleted his account. A trader called his public activity "experiment." Subsequently, his account was also removed from the leaderboard on Bitfinex. From now on, one cannot learn about his transactions and the profitability of trading.
His "departure into the shadows" occurred after the short, which he discovered when Bitcoin was trading around $ 6,800. This transaction brought the trader $ 20 million of unrealized losses, which means $ 15 million of actual loss for the whale. In April, Joe007 earned $ 5 million, cutting the overall negative figure by 25%.
In his address, a famous whale stated:
Joe007 Twitter account before self-destruction
Over the past seven months, more than 32,000 people have signed up for Joe007 on Twitter.
After Joe007 has left - is it a bullish or a bearish signal?
Over the past six months, Joe007 has been one of the most successful futures traders. On average, he earned $ 10 million a month, or a staggering $ 60 million over the course of six months.
The Bitfinex Leaderboard was created in 2019, it allows anyone to monitor the results of traders who have voluntarily added to this rating. The figures of weekly and monthly realized profit and unrealized losses on incomplete transactions are available for study.
From September 2019 to April 2020, Joe007 made a profit of $ 61 million. During the same period, all other whales on Bitfinex in total lost $ 25 million. Thus, the results of Joe007 exceeded the efficiency of other traders by 86 million dollars.
The disappearance of Joe007 attracted public attention also because it happened after reaching the BTC 5-digit mark. As you know, this whale aggressively shorted the leading cryptocurrency from the level of $ 6800. As suggested by some users, his departure is a recognition of defeat and a bullish sign.
Short Joe007 turned out to be unprofitable for 18.3 million dollars
The Joe007's trading philosophy boiled down to three key factors: liquidity, customer demand, and fundamental factors.
Over the past few months, he often said that if the price of BTC rises to a local maximum as a result of a whale pump, then the lack of actual demand for a leading cryptocurrency will lead to an incredible collapse.
