The long-to-short turn itself is also easy to understand, but this time it is more special.

Under normal circumstances, it is to sell long orders and re-open short orders, which belong to two transactions.

But now their long contract is restricted, and they can only modify the contract directly, which is equivalent to making two transactions into one.

It all depends on Morgan's side whether he agrees or not.

Li Yuan didn't believe they would refuse.

If the one-ten-thousandth record appears and they refuse, then they will find an opportunity to clear the chips in Chen Jie's account and run away.

The price of bitcoin stabilized, just around $31,000, and at this point, the dealer slowly released his chips.

There are a lot of people behind them, and the data is carefully calculated, and this position is the most suitable to put some chips.

Because the price fluctuates around here, the person who bought it has no urge to sell, which can help them lock up some of their chips.

And because it has dropped thousands of dollars from the highest point, the short order does not dare to open in this position.

The overall atmosphere is quite strong.

Li Yuan not only bought, but also bought it with five times leverage.

In fact, with his funds, he doesn't need such a high leverage, because he can't buy too much.

With a target of $10 billion, it is unlikely to exceed $20 billion.

Not to mention that there is no time to come, if you buy so much, Morgan and those people will be able to smile crookedly.

The purpose of his leverage is to reserve a part of the funds. The purpose of receiving chips is only to keep half a hole card for yourself.

More than 10 billion dollars in chips are not the main force this time.

As Yao Yingsong conveyed Li Yuan's meaning to the past, the National Fund took the lead in shaking.

Li Yuan wants to fight Morgan?

According to Li Yuan, he was betting that Morgan would not dare to throw money into it.

"According to the price set by Li Yuan, Morgan will have to come up with a lot of money. We have at least $16 billion on our side, and Morgan is going to put $32 billion in our account. ”

Li Yuan is gambling, betting that Morgan will not be able to come up with more than 30 billion, and then continue to pull up the price of Bitcoin. In order to clear the more than $30 billion, it is necessary to pull bitcoin to at least $52,500. ”

For the bookmakers behind it, the biggest difficulty of each pull up is to fill it with funds.

To increase the market value of $10 billion, at least $2 billion must be filled in, otherwise it will not be able to support it.

Although the bubble is getting bigger, the reality is that more and more money is being spent.

From the very beginning, Bitcoin's market capitalization of more than $100 billion can be played with $350 billion.

Now the market value of Bitcoin is more than 400 billion, and the scale of funds in it has exceeded 100 billion.

If the price of bitcoin is pulled to more than $50,000, the market value will exceed 700 billion.

This is a very terrifying market value, and it is not something that one or two institutions can control at all.

The data involved is also more complex.

"Is there a possibility that Li Yuan is retreating as advancing? After taking the short order, Morgan will not pull out the network cable, and he will be able to trade. Unless Morgan blows him up in a short period of time, Li Yuan can come out completely, at most he will lose a little money. No matter how bad it is, it's better than being restricted before. ”

This sentence caused everyone to think.

As long as it is not restricted, with Li Yuan's ability, it should not be a problem to come up with billions of dollars.

Someone's eyes lit up, "This is a good move!" ”

They are already very satisfied with being able to get back billions of dollars, and they never thought they could do this before.

The main reason is that the situation is not well understood.

"Then we're going to do it?"

"But what if Morgan pulls the price of Bitcoin up to $60,000? Or higher? Those empty orders ......"

A basin of cold water was poured down.

If that happens, they will owe tens of billions of dollars.

"So Li Yuan still has to take a lot of risks this time, who knows when the price of Bitcoin will rise?"

But since he said it, he should have thought about it as well. And now it is Li Yuan who is actively helping us, and we have no reason to refuse. If it does cause a bigger loss...... Maybe it's a good thing, Li Yuan will feel ashamed at that time, and he will cooperate with us for a few more issues......"

Sure enough, after thinking about the problem from a different angle, everyone suddenly became enlightened.

Either way, that's a good thing.

So, the matter was settled.

Li Yuan received a message from Yao Yingsong at about 4 o'clock in the afternoon, and at this time, the price of bitcoin had begun to rise slowly.

At about 8 o'clock in the evening, bitcoin again reached a high of $35,000, and at the same time, Morgan made a contract change.

The $32 billion went directly into the account of DynaSky Capital, but this money is limited and can only be used to repay the short contract, and after the contract is repaid, how much money is left is what they earned.

So, the lower the price of Bitcoin, the lower the value of their contract and the more money is left after repayment.

This contract is not shown on the board, but the dealer is really out of the money.

The people on the DynaSky Capital side couldn't sleep.

The people on the other side of the National Fund can't sleep.

The bookmaker of bitcoin can't sleep.

Li Yuan's conversion of this contract directly brought the battlefield atmosphere to the highest point.

The dealer did not allow Li Yuan to run away in this position, so they could only pull up.

At the same time, with the rise in the price of Bitcoin, there will be more short orders on the OTC side, and they will face great challenges.

But Li Yuan's money must be eaten, as long as they are allowed to blow up their positions, the $32 billion will become their high-ranking pick-up heroes, and let them leave the market with huge profits.

Pulling to more than $50,000 is really stressful for them.

In addition, Li Yuan has more than 30 billion yuan, and they have invested hundreds of billions of dollars in Bitcoin, which is too much.

Next, the control of the disk will be more stringent.

They also knew that a few hours ago, more than 10 billion chips were traded, and that chip was a long order at this time.

If that money is not smashed, they have a great grasp of pulling up, and it won't take much money.

Even if the overwhelming empty orders are smashed out, they are not afraid.

The more empty orders, the more you earn.

They are most afraid of smashing the market at a critical moment.

But in the face of DynaSky Capital's $16 billion in profits, they had no choice.

This is the largest short order, and as long as it rises by 50 points, it can make the $16 billion.

And even if it rises by 50 points, the profit earned by that long order is not as high as theirs.

Not to mention that more short orders will be generated in the process of pulling up.

Overall, it's a matter of success or failure.

Bitcoin has skyrocketed for three consecutive days, which has set off a big movement around the world, and the number of people watching is at least tens of millions, and the number of participants will also increase by an order of magnitude.

This is their last chance, once they can't seize this opportunity, the entire Bitcoin market will be difficult in the future, and no one can control the market anymore.

Whoever controls the market will die.

They have to make enough money today to bring the price of Bitcoin down.

As long as you can recover the cost, and then lower the price, and wait for other big funds to enter the market, then it doesn't matter if you don't make money this time, anyway, you still have chips in your hand, and you can get back the profits later.

Their planning is complete enough.

After blowing up Li Yuan's side, he will lose one-third of his chips as soon as possible.

Then he starts smashing the board himself, dropping a third of his chips and keeping a third of them.

Two-thirds of the chips are not difficult to recover their costs, and they have been calculated through big data models, so there will be no problems.

Anyway, the contract is over there, and I can't run away.

They have a clear grasp of the empty orders on the market.

Li Yuan's side has liquidated, and other contracts will also be liquidated, and the liquidation funds are at least 70 billion US dollars.

They only need to exert their strength in the early stage, and those accounts that are liquidated in the middle and late stages will be liquidated and bought, and they don't need to spend any more money.

The whole thing is divided into four steps.

The first step is to raise it to $37,000, absorb empty orders, and prepare to go.

The second step is to directly raise it to $50,000, without giving the short order a chance, and instantly blow them up. At this time, close the short channel of the small platform they master, and prohibit other short orders from entering.

The third step is to wait for those short orders to trigger liquidation, and then pull the price to $53,000, which will blow up DynaSky Capital.

The fourth step is to start shipping in this position and take over the funds from DynaSky Capital.

They didn't think about continuing to pull and making Qingtian Capital lose more money.

It's not that they don't want to, it's that they can't.

At twelve o'clock in the domestic night, the first step is carried out in an orderly manner, and the empty orders are slowly increasing.

At two o'clock in the morning in China, the absorption of short orders has exceeded 6 billion US dollars, while the reduction of short orders is less than 1 billion US dollars, and the first step has been completed.

At the beginning of the second step, multiple platforms worked together, and at two o'clock in the morning, it instantly rose, using nearly 10 billion US dollars, and directly pulled the price to 50,000 US dollars in an extreme time.

It took a total of 36 seconds.

In the past 36 seconds, many platforms have been unable to place orders at all, and the order channel has been blocked.

By the time they reacted, it was too late.

All short orders were blown up, triggering the closing of the position.

Scattered long orders could not stop the system operation after the liquidation of the position, and the price of Bitcoin continued to rise.

However, at this time, the rising price was suddenly forced down by a large number of short orders.

They thought that the higher the price, the more empty orders there would be.

But I never thought that someone would smash so many empty orders.

They have already let the 'short orders' of those small platforms pull the gates, the purpose is to prevent people from crazy short orders at a high level.

However, JPMorgan's platform did not dare to open the gate, at most restricting individual accounts.

After all, once they also pull the gate, the damage to credibility is too great.

However, from its own platform, more than 40 billion US dollars of short orders were smashed out, and those liquidated funds were forcibly captured.

They were supposed to harvest the money.

At this time, the third step was only halfway through, and it was forced down.

They had no choice but to invest close to $20 billion again to eat this one.

Then continue to pull up.

Through the contract, they learned that the other party was on five times leverage.

That is, another twenty points......

You know, as a platform, they also have to provide contracts, so there is no way to use leverage in chips.

After all, if someone else wants to buy five billion, you can't give him five billion leveraged chips, right?

That's double leverage, and it explodes all at once.

If you want to pull another 20 points, it's not impossible, it's just that the financial pressure is too great.

At the same time, a more dangerous situation has emerged, and many large funds have found that there are still people who can open short contracts, and all of them have poured into the big platforms.

They're getting a little out of it.

The price of bitcoin once fell below the $50,000 level.

At this time, they have only one solution, and that is to close the short channel on Morgan's side.

It's just that...... During this time, too many of the empty orders that poured in were Western funds, and they did not dare to impose restrictions.

Unlike before, they dared to engage in DynaSky Capital, even if they knew that DynaSky Capital would suffer a loss, no one would speak for them.

Closing the short channel is already the limit.

The loss of reputation is inevitable, and it must be the first to protect the funds.

As long as there is no restriction on those empty orders, the reputation lost at this time can be repaired later.

They are a world-class group, and they didn't close the channel in the first place, just for reputational reasons.

Still, there were some problems.

At best, this step is a remedy.

Since the $40 billion empty order was smashed, the entire plan has deviated greatly.

Analysts began to nervously calculate how much more money would be needed to pull the price above $60,000 in the case of closing the short channel.

The calculations came out, and it cost less than two tens of billions.

But this result must come at a cost.

The cost is that they have more than 110% of the chips in their hands......

Nearly half of the chips were short......

Originally, they had about 50% of the chips in their hands, but they had been absorbing chips during the promotion stage, and at the same time taking the chips in their hands to the platform to open contracts, and the short contracts opened were then eaten by them.

Almost 50% of the chips are empty.

They nominally have 110% of the chips.

To put it simply: there are 10 apples on the market, they buy five, they lend them out as a contract, they buy another one, and after the price of the apples is raised, they sell the apples that bought them, and they buy them again.

In this way, there are four apples in the market that no one buys or sells, and they have six apples in their hands, plus the five that others owe, which is eleven apples.

The remaining four apples, placed in Bitcoin, belong to the dead chain.

Because according to the survey, the size of Bitcoin's dead chain accounts for 38% of the current market volume, and this data was calculated before they participated, that is, four months ago.

If placed in the stock market, the four apples are equivalent to restricted stocks, and those that do not participate in the market circulation have no value in themselves.

They just want to sell all the apples in their hands, and in the end the apples returned by others will be kept in their hands as profits.

But the current situation is that the number of apples in hand has also exceeded expectations, and it is difficult to sell them all.

Not only that, but there are people borrowing apples now.

The more apples you lend, the more you end up smashing in your hand.

From the beginning of the desire for empty orders, to now I want to let those empty orders all go......

(End of chapter)