Nearly a month and a half and 3 times a day to borrow money short, did the whale make money?

A few days ago, a whale borrowed more than 25,000 Bitcoins on Bitfinex. It was a time of market panic, and the movements of 25,000 Bitcoins were closely watched.

Short currency lending is a trading strategy, which refers to the strategy of mortgaging a certain stablecoin on the platform and lending out BTC, selling out BTC in the market, and waiting for the price to fall, buying the same amount of BTC and returning it to the platform for profit.

In fact, in the last month and a half, it has borrowed three times, including one precisely on the day of the 519 crash, when it lent out nearly 10,000 Bitcoins ahead of time in a rare move in the crypto market.

So, these several days of operation, the whale to make money? How much did you make?

Rhythm BlockBeats will analyze three separate operations of the company and calculate the profit and loss funds of these operations. Of course, this series of operations may not come from the same group, and may even be the behavior of multiple groups. However, considering the consistency of the behavior, this paper treats it as a group.

Routine note: this article does not take into account the actual interest paid on the money borrowed, so the calculated profit will be higher than the actual profit and the actual loss will be higher than the calculated result. At the same time, in the calculation process, this paper mainly calculates the main trend stage of selling by borrowing and buying and repaying, and does not count the process of small amount change. Average buying and selling prices of whales will be calculated using the average of the highest, lowest, opening and closing prices per hour.

The plunge on May 19 saw a profit of more than $30 million

Topjaling started to borrow money at 23:00 on May 17, and completed this round of borrowing at 3:00 on May 18. In the process, Orca lent out 8,491 Bitcoins.

From 10:00 on May 19, Top100 began to slowly return the borrowed Bitcoins. By 20:00 that evening, Top100 had returned 9,263 Bitcoins in total.

By counting the amount of bitcoins lent and the price of bitcoins as well as the amount and price of bitcoins returned during the lending period, we can figure out the approximate profit margin of Orca.

It is not possible to directly calculate the profit of Topetus because a certain amount of loan orders were placed on Bitfinex before Topetus was empty, and those orders were returned with Topetus.

Based on Orca's initial 8,491 bitcoin loans, Orca has made a profit of about $32.42 million this time around.

Layout 2 weeks, profit over $40 million

The second short took nearly two weeks before and after the sale. The main borrowing time is concentrated in "4:00 on June 7th - 12:00 on June 7th", "22:00 on June 9th - 5:00 on June 10th", "20:00 on June 14th - 1:00 on June 15th" and "2:00 on June 16th" - June 16th at 5:00 ", The return time mainly focuses on "23:00 on June 18th to 8:00 on June 19th", "23:00 on June 19th to 8:00 on June 20th", "17:00 on June 20th to 4:00 on June 21st" and "June 21st" 10:00-20:00 June 21 ".

Based on the amount of bitcoins lent and the price of bitcoins over the time period listed above, it is calculated that Top100 lent about 21,000 bitcoins, sold them for an average price of about $36,800 and returned them for an average price of about $34,800.

Based on the average price of Bitcoins sold and returned, the operation of the Whale made about $43 million. As the operation cycle is as long as 2 weeks, the interest cost of borrowing currency is high. After interest costs, Orca's profit is likely to be less than $40m.

First loss, more than $8 million

Perhaps the previous huge profits to taste the sweet short, Orca's third short is the largest investment, at the same time, is the shortest time between entry and exit.

The main borrowing time of Junjing is concentrated in "16:00, June 25-4:00, June 26", and the return time is mainly concentrated in "16:00, June 26-2:00, June 27" and "5:00, June 27-21:00, June 27".

According to calculations, Orca lent about 23,000 bitcoins, with an average loan price of about $33,000, and Orca paid an average purchase price of about $32,600 to return the bitcoins.

Based on the average price of Bitcoins sold and returned, the operation lost about $8.88 million. If the interest on the loan is taken into account, the loss of this round of operation may reach nearly ten million dollars.

If three rounds of operation were the same whale's behavior, the whale would have made nearly $60 million in less than two months.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia