Whether or not the end of the Bimi Twist shown is actually furled cannot be determined from the posted photo. However; it certainly has all of the earmarks of a 'furled two strand rope', which is what a furled leader actually is. Both legs of the left-hand are clearly "twisted" around one another. The little loop appears to be the 'tippet end' loop, with the butt ends 'all wrapped up' in the main part of the knot. Having seen them tied on several occasions, I would have to say that they are started just as one would start a hand-, or board, furled leader, with the tiers knee, or foot, being the tippet post (peg). Hence, the loop at the left hand end of the picture would be the tippet loop, which does NOT require a Shorb Knot(Loop) to keep it from unraveling; this requirement is for the 'butt' end only. Incidentally, one can very easily "furl" yarn, etc., in one's hands to get them to "twist" around one another to form "furled" bodies for various and sundry flies, especially extended body flies.