Crypto Community Reacts to Vays Shorting Bitcoin at Yearly Low

Tone Vays, a well recognized Bitcoin trader, recently disclosed his first trade of the year: to short Bitcoin near its yearly low.

Although the trade of Vays recorded a 15 percent loss, it has not been liquidated and it has never gotten close to its liquidation price.

Almost immediately after Vays filed his first trade of the year, which was questionable given that BTC demonstrated record low volatility since Aug. 9 and was stable in the range of $6,000 to $6,800 for over two months, BTCUSD on BitMEX increased from $6,159 to $6,800, by nearly 11 percent.

The majority of traders and technical analysts in the cryptocurrency sector reacted negatively to the only trade Vays filed in all of 2018.HAHHAHAHAHAHA. Shout out to Tone Vays for finally making his first & last bitcoin trade this year.

Welcome to real trading, very different from predicting and paper trading.

Co/KVjXPA2fPO. - [ Romano ] October 15, 2018.tone vays only trade of the year was shorting the bottom on margin.

Traders criticized the trade of Vays because he demonstrated such a high level of confidence that BTC would drop below the $5,800 mark, claiming that the probability of BTC dropping below the $6,000 support level, which it has successfully kept throughout the past nine months, is 95 percent.

The timing of the trade was controversial because Vays has had many opportunities to short Bitcoin at appropriate times throughout the year.

Filing a short contract in a period of stability is a high-risk, low-return trade, which is the primary reason why most traders avoided shorting BTC throughout the past two months.

Since August, BTC and the rest of the crypto market have struggled to demonstrate a convincing recovery in daily trading volume to confirm a strong short-term rally.