Ao Ying won, and Ninth Master Xi lost. In just two days, more than a million U in copy-trading funds were gone.
They were betting on the same thing—$ZEC —but in exactly opposite directions. Ao Ying went short, with an average entry around 1,000; Ninth Brother went long, with a cost basis of 977. Both were fully invested. From the moment they placed their bets, this kind of trade was bound to carry one of them out.
The market really did favor Ao Ying's side. $BTC fell below 70,000, $ETH dropped under 2,000, and $ZEC touched a low of 880. People said Ninth Master was disrespecting the trend. It's harsh, but looking at it, that seems about right.
There isn't much else to say about the broader backdrop. Crypto liquidity is drying up. Spot ETFs for $BTC have seen outflows for three straight weeks, and the $ETH side even longer—seven weeks. Nvidia dipped, and U.S. stocks dragged crypto down with them. A rate hike in December is more or less considered a sure thing, so it's unrealistic to use that as a bullish argument.
Over the next month, I lean toward a weak, grinding market, with a range of 66,000 to 72,000. In the short term, trade back and forth within the range. There's a buy wall of more than 50 million U sitting at 65,000. Even if it gets smashed through, odds are it'll bounce first, back to 67,000–69,000—when the wall at 73,000 was pushed over last time, the price action was pretty similar.
They were betting on the same thing—$ZEC —but in exactly opposite directions. Ao Ying went short, with an average entry around 1,000; Ninth Brother went long, with a cost basis of 977. Both were fully invested. From the moment they placed their bets, this kind of trade was bound to carry one of them out.
The market really did favor Ao Ying's side. $BTC fell below 70,000, $ETH dropped under 2,000, and $ZEC touched a low of 880. People said Ninth Master was disrespecting the trend. It's harsh, but looking at it, that seems about right.
There isn't much else to say about the broader backdrop. Crypto liquidity is drying up. Spot ETFs for $BTC have seen outflows for three straight weeks, and the $ETH side even longer—seven weeks. Nvidia dipped, and U.S. stocks dragged crypto down with them. A rate hike in December is more or less considered a sure thing, so it's unrealistic to use that as a bullish argument.
Over the next month, I lean toward a weak, grinding market, with a range of 66,000 to 72,000. In the short term, trade back and forth within the range. There's a buy wall of more than 50 million U sitting at 65,000. Even if it gets smashed through, odds are it'll bounce first, back to 67,000–69,000—when the wall at 73,000 was pushed over last time, the price action was pretty similar.