Bitcoin has seen some turbulent price action over the past couple of days, with the cryptocurrency briefly rallying to highs of over $9,600 before incurring a swift selloff that has sent BTC down into the lower-$9,000 region.<\/p>\n
The drop that has occurred over the past few days has sparked concerns amongst investors that the cryptocurrency\u2019s bullish market structure is beginning to dissolve, but this downturn has translated into massive profits for some BTC whales.<\/p>\n
One such whale, who recently noted that fiat inflows\/outflows are key to determining Bitcoin\u2019s trend, appears to have profited massively off of this movement, earning nearly $2 million.<\/p>\n
Joe007 is a prominent Bitfinex whale<\/a> who has long dominated the cryptocurrency trading platform\u2019s leaderboard<\/a>, frequently posting massive seven-figure gains on BTC movements.<\/p>\n Just a few days ago, while Bitcoin<\/a> was trading within the mid-to-upper $9,000 region, Joe007 explained on Twitter in response to a question from another user that trends don\u2019t \u201cmagically happen,\u201d and that they are primarily driven by fiat in\/outflows.<\/p>\n \u201cTrends don’t magically \u2018happen\u2019 – they are based on supply\/demand imbalances and backed by fiat in\/out-flows. Anyone who doesn’t understand this and sees BTC as some black box that magically \u2018does what it always does\u2019 has no business trading,\u201d he explained.<\/p><\/blockquote>\n Trends don't magically "happen" – they are based on supply\/demand imbalances and backed by fiat in\/out-flows. Anyone who doesn't understand this and sees BTC as some black box that magically "does what it always does" has no business trading.<\/p>\n — Joe007 has nothing to teach you\ud83d\udc80 (@J0E007) February 2, 2020<\/a><\/p><\/blockquote>\n\n