Whale buys $1.6B worth $BTC within 5 minutes

https://www.cryptopolitan.com/bitcoin-blasts-to-55k/

by andreygrehov • 5 years ago

22 16 5 years ago

According to a very recent analysis by Ki Young Ju, a market analyst, a whale has bought $1.6 billion worth BTC via market orders in just five minutes.

This is interesting as it implies 1.6B of fiat moved hands (unless it came from other tokens which I doubt), very hard to pull that off while avoiding KYC.

I remark this as usually the 'whale' term implies some sort of anonymity as in "we only know a lot of tokens moved".

davidgerard• 5 years ago

It also doesn't say if it was dollars or a dollar-substitute token.

qeternity3• 5 years ago

This is interesting as it implies 1.6B of fiat moved hands (unless it came from other tokens which I doubt)

No fiat, just Tether.

It was most likely not one single actor, nor was it likely a bonafide purchase. This was meant to rip the market higher and liquidate shorts.

xur17• 5 years ago

This was meant to rip the market higher and liquidate shorts.

Seems to have worked.

moralestapia2• 5 years ago

Awesome, thanks.

anonporridge2• 5 years ago

Whale just means rich person who can make a big splash in the market, not that they are anonymous and avoiding KYC.

Just because the general public doesn't know who it is, doesn't mean the exchanges used and regulatory agencies don't know who it is. KYC doesn't mean we the people get to know, just that government authorities get to know.

wut42• 5 years ago

I remark this as usually the 'whale' term implies some sort of anonymity

Does it ? Whale is commonly used in finance-related and casino-related subjects, where anonymity is nowhere to be found; and even in crypto anonymity is nowhere to be found, as yourself remarked, KYC is always needed as soon as you want to move crypto in/out of cash. The only anonymous part is that the common public doesn't know who that is.

DaiPlusPlus• 5 years ago

It could just be an institutional investor moving coins between wallets, couldn’t it?

qeternity3• 5 years ago

No, these were market orders on an exchange.

lvl100• 5 years ago

What makes you think institutions do not execute market orders? They do it all the time especially in crypto. They do it to trigger buy orders.

headsoup2• 5 years ago

Probably the Tether execs doing the old pump and dump to cash in before they face the subpoenas and the downward spiral of criminal reckoning... I doubt anything was 'bought,' probably more likely 'traded.'

anonporridge2• 5 years ago

For this to be the case, it requires that there exists $1.6 billion in demand for Tether, right?

Who are these people that are demanding and holding that much of something even the crypto community thinks is fishy and likely to collapse someday?

headsoup2• 5 years ago

Tether in the past have created millions of tokens out of thin air, so could just be that again... Speak of the devil, look what's popped up on HN: https://www.bloomberg.com/news/features/2021-10-07/crypto-my...

cyanydeez• 5 years ago

at this point, i dont know what buying means with all these other corrupt currencies. this could just be the proceeds from another successful pump and dump

Whale buys $1.6B worth $BTC within 5 minutes

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