The sell wall on Poloniex has been depleted. Again. I hope liquidity providers can confirm itās not due to any pybot / nubot malfunction.
Letās just say perhaps Nubits are suddenly in high demand. In the last 12 hours only a few thousand NBT were transacted on the blockchain. Most of the recently bought NBT must still be sitting on the exchanges, and they are not going into NSR, but they arenāt put in liquidity pools to earn interest either.
Iād be extremely happy to finally see some hint at real growth, but to be cautious I assume itās too good to be true. Is somebody trying to pump and dump us?
Bitcoin is going down, so people try to hedge using NBT. I would be cautious providing large amounts of NBT on BTC pairs. Most likely you will loose money as BTC may go down further. When it goes up you will see the market flooded with NBT again.
If I were a trader I wouldnāt complain because this free lunch is unavailiable when everyone wanted it. Also on poloniex Tetherās peg has the same liquidity problem AND worse in volume and spread. The situation is not ideal but not dire.
Right now sell side is 65k and buy side is 107k. That means only 37.7% of the wall is on the sell side. Because this is beyond the 40% threshold, FSRT will begin selling NBT in the open market until the walls are balanced. A thread will be opened to conduct the sale shortly.
With 51.3% of liquidity on the sell side it is time to stop injecting tier 4 sell side liquidity into the market. FSRT is very close, but was not quite ready to bring liquidity into the market due to a couple factors I believe will be explained soon (technicalities regarding safe handling of the considerable funds in their possession).
According, I brought 7479 NBT to market, which yielded 22.19 BTC, which now sits in tier 4 buy side liquidity, ready to contribute to share buyback.