BTC Dump: Pure Whale Manipulation, Makes $15 MILLION! (#GotBitcoin?)
BTC Dump: Pure Whale Manipulation. BTC Dump: Pure Whale Manipulation, Makes $15 MILLION! (#GotBitcoin?)
Following the recent decline in the Bitcoin price which has seen BTC go back below $8,000, questions have been asked about the manipulation of prices by whales. A recent whale move to Coinbase has led to speculations in the community.
The whale move in question occurred yesterday, with the whale moving 25,000 BTC ($213 million at the time of the first transfer) from an unknown wallet to Coinbase. The move coincided with a market dump that saw the price of Bitcoin drop dramatically.
Bitcoin saw a 9.21% decline in price over a 4 hour period, during the same time, the 25,000 BTC whale managed to dump their BTC on Coinbase.
What’s notable about the outgoing amounts is that they equal the 25,160 BTC incoming transaction. What is also worth noting is that the original transaction was valued at $213.36 million, and the outgoing transactions totalling the same amount of BTC, were estimated at roughly $200 million. Essentially the whale sold the top and immediately bought back the dump, netting a profit of $10 – $15 million in the process. There is also a $10 million USDT move shortly after the BTC outgoing whale moves, which could be the whale moving profits out of Coinbase.
About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase: link
About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet: link
40 mins after that, a whale moved 11k BTC (worth $88M) from Coinbase to another wallet: link
15 mins after that, a whale moved 10M USDT from one wallet to another: link
If you do a little math and follow the timeline, it’s not hard to see that someone dumped 25k BTC for $215M and bought it back shortly after for $200M. In doing so, they pocketed $15M and walked away with the same amount of BTC as they started with.
Edit: For all those saying that no one was complaining when a whale entering the market drove the price us. No shit, all boats rise in that situation. In the one we’re talking about here, only one group of people benefit whereas the vast majority are negatively impacted. That’s the difference.