BIG TRANSFER COINCIDED WITH SPECTACULAR MARKET RALLY
The move came just as Bitcoin went through another rally to fight the $ 8700 resistance level. A blockchain analysis found that the transfer occurred between cold wallets belonging to Bitfinex.
The transfer also coincided with one of the most impressive steps of Bitcoin SV (BSV), which broke its price record on the last day. At that time, ByteTree signed the agreement, sparking a discussion on Reddit about its origin and purpose.
Large transfers of funds usually occur after significant changes in bitcoin prices. Despite declining influence in the stock market, Bitfinex remains one of the largest owners of BTC. Whale operations of this size usually occur once every few months in 2019. Large-scale displacement twice.
But the size of this deal is still relatively small compared to last year's feats, when the $ 8.9 billion price was shifted to three blocks of bitcoins. BTC trades remain relatively unchanged (around 300,000 a day), but costs vary as whales can get ready to trade or simply swap their hot wallets.
WHALES PREPARE TO SWAY BITCOIN PRICES?
In the past few days, mid-level trading in the stock market and beyond has again sparked rumors about whether the whales are also going to trade.
Picture posted in twitter by Elliott Gunn
Bitcoin remains more volatile than usual, with relatively high upward or downward price movements expected. It also accelerates the transfer of coins by several millions. Stablecoins encourage spot trading and can help increase liquidity.
Recently, however, the activity of the whales has also led to a slight congestion, as more funds were transferred to Coinbase, which increased the trading load.
The abundant list of bitcoins shows that coin ownership has led to large-scale hideouts of varying sizes. Wallets with 1,000 BTC and caches above 10,000 BTC have grown, making BTC more democratic compared to altcoins and tokens.
However, the Reddit debate raised the issue of controlling huge assets if BTC became more widely accepted. BTC is resistant to censorship, and the ability to move large volumes across the network means that attackers can also control assets.
Until now, blockchain has been thoroughly researched and several addresses are known, but BTC can also be used to bring wealth into the hands of repressive regimes or to fund terrorism. For this reason, whale surgeries and active activities attract attention.