Copy Trading Master’s Winning Strategies Review — Episode 22
Easy Follow, Smart Trade! Discover the winning strategies of our popular traders.
- Copy Trading Master’s Introduction
User Nickname: @Onlooker
Trader’s Profile: https://www.lbank.com/zh-TW/copy-trading/lead-trader/?id=LBA3D77490
Trading Style: Intraday trading, swing trading
2. Trade Operation Recap
Short ETH with 50x leverage in cross mode (intraday trading), opening at 2,271.5 USDT, closing at 2,236.8 USDT, achieving a profit of +76.33%. As shown below:
3. Trade Review
3.1 Market Background
On January 10th, the official Twitter account of the U.S. Securities and Exchange Commission (SEC) announced the approval of all 12 Bitcoin ETF spot proposals. However, minutes later, SEC Chairman Gary Gensler denied this on Twitter, stating that the SEC had been hacked and the posts about Bitcoin ETF approvals were fake.
On January 11th (Asia time zone), as per the SEC’s official website, Chairman Gary Gensler released a handwritten statement confirming that the SEC had officially approved the listing and trading of several Bitcoin spot ETPs (including ETFs).
Following the official trading of Bitcoin spot ETFs, the cryptocurrency market experienced a significant drop after initially surging.
3.2 Trade Analysis
From January 2nd to January 23rd, Bitcoin’s daily chart showed a rapid rise followed by a steep decline, as depicted below:
On the daily chart, BTC rose to around $49,000 before sharply retracting and eventually plummeting to a low of $38,570.
On January 11th, Bitcoin ETFs were approved by the U.S. SEC and commenced trading. The trading of Bitcoin ETFs such as GBTC and IBIT led to an overall decline in the cryptocurrency market.
On January 23rd, media reports revealed that FTX’s affiliate Alameda Research withdrew its lawsuit against Grayscale filed in March 2023. On the 19th, Alameda submitted a document to the Delaware Chancery Court to withdraw the lawsuit against Grayscale, though the reasons for the withdrawal were not disclosed.
Moreover, as part of FTX’s bankruptcy liquidation process, FTX sold 22 million shares of GBTC, worth $1 billion. Since the approval of Bitcoin spot exchange-traded funds (ETFs) this month, including FTX’s trade, more than $2 billion worth of Bitcoin (BTC) has flowed out through GBTC.
Despite the completion of GBTC share sales by FTX, the cryptocurrency market did not immediately stabilize. ETH further declined after breaking the $2,300 mark.
When BTC dropped below $40,000, nearing $39,400, and ETH rapidly fell below $2,300, stabilizing around $2,275, it was an opportune moment to short ETH. After ETH stabilized near $2,220 and began to rebound, positions were closed.
3.3 Winning Strategies Summary
In intraday trading, it’s essential to timely take profits.
Note: Personal opinion, for reference only. Opportunities and risks abound, always do your research before investing.
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