Btcparser

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Amalia Antill

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Aug 3, 2024, 3:45:44 PM8/3/24

to chaedawersu

A total of 1000 BTC were sold in the trading session by the mysterious entity, which had previously appeared to liquidate another mined supply in past years, when the block reward was higher and there was very little competition in the market.

Yesterday, as Bitcoin was about to experience the first major dump after a long series of positive candles, a whale that had mined the cryptocurrency back in 2010, decided to press the sell button, accentuating the decline.

According to the website btcparser.com, the large BTC holder has transferred a total of 1000 BTC to Coinbase, in several transactions within block 833,219, for a value of approximately 63.29 million dollars.

No one knows who is hiding behind the cryptographic identity of the miner: what is most frightening is the impeccable timing with which the individual managed to liquidate their coin stash just before the big bitcoin dump arrived.

It is very curious that the movements of the entity correspond to very important moments for the price action of the asset, precursors of trend reversals in the medium term, and sometimes coincide with historical dates on the bitcoin calendar, as happened on the date of its anniversary on January 3, 2021.

Many users on X seem convinced that the profit taking by this entity was the move that caused the crash, leading to liquidations of over 1 billion dollars of futures positions in the market.

However, in reality, observing what are simply the data of the volumes on the main cryptographic exchange markets, we notice that the impact of a 1000 BTC sell should be minimal on the price of the asset.

Even assuming that all the quota transferred by the whale has been liquidated instantly (we can only guess, but not empirically prove), it would represent just 1.52% of the spot volumes recorded on Coinbase, all without considering the other trading pairs of the exchange, the other spot markets, the futures markets, and the multi-billion dollar exchanges happening on Wall Street through the new ETFs.

In this regard, the latter seem to be the real catalysts of new impulses, in pump or on dump, given the large amounts of capital moved during trading sessions in funds managed by BlackRock, Grayscale, Fidelity, Bitwise etc.

At most, we can throw a stone in favor of those who think that the transfer of 1000 BTC was still an event to be taken into consideration, if we hypothesize that this may have pushed other large whales to switch to sales.

Following the flow of capital managed by those in the crypto world for many more years than us could indeed have been the strategy of several operators, who, noticing the liquidations by the dormant address, also decided to sell their own stocks.