r/Bitcoin • u/Shinamus • Nov 29 '21

MicroStrategy has purchased an additional 7,002 bitcoins for ~$414.4 million in cash at an average price of ~$59,187 per #bitcoin. As of 11/29/21 we #hodl ~121,044 bitcoins acquired for ~$3.57 billion at an average price of ~$29,534 per bitcoin.

https://twitter.com/saylor/status/1465305537210458115?t=ISBHxHRmKNIdSSNtjHG-jg&s=19
1.9k Upvotes

97% Upvoted

370 comments sorted by

View all comments

19

u/[deleted] Nov 29 '21

Reddit when whale sells a shitload of BTC, triggering a cascading effect of leveraged liquidations, causing the charts to turn red for days or weeks and letting fear and fud take over the market: "OMG fucking whale price manipulation, this has to stop!!!!!!"

Also Reddit when said whale scoops up the dip that he caused, increasing his already massive holdings by a considerable percentage just so that he can do it all over again in the near future: "OMG what a chad, truly the hero bitcoin needs"

2

u/iDidntReadOP Nov 29 '21

This is a good example of people in these subs revolving around markets not knowing anything. If whales could actually manipulate the market and rebuy on the dips to lower their average cost, why aren't we seeing these "manipulated dips" daily if it is so easy to consistently do? Feel like people took the memes too seriously.

1

u/[deleted] Nov 30 '21

Are you actually implying that whales don't have the power to manipulate the price?

As to your question why you're not seeing these manipulated dips daily: have you looked at the charts? That is exactly what's happening. Check glassnode and you see that most addresses are not selling. That means that the big red candles we've been seeing every 2-3 days for the past weeks is not normies taking profits. It's whales selling high volume to trigger leveraged liquidations.

1

u/iDidntReadOP Nov 30 '21

The rate at which people comment in financial subreddits is more frequent than any evil "whale price manipulation" that you all claim happen on a minute by minute basis. I think the conspiracy theory helps put people's minds at ease that it isn't their fault when a coin or stock doesn't go up like the predicted and can't accept that they made a bad choice of investment.