A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved millions of dollars of bitcoin between three unknown wallet addresses.
Bitcoin Whales Are Up to Something
The total in question comes to about 77,000 bitcoins. That’s just shy of $800 million, or about 0.43 percent of the bitcoins in circulation. Later in the day, Ripple whales moved more than 484 million units of XRP – Ripple’s official cryptocurrency – into separate wallets. In all, the total XRP moved around was more than $130 million.
Whales are individuals that hold mass amounts of a specific cryptocurrency. It is widely speculated that these figures hold most of what’s already been mined, in this case bitcoin and XRP. If they move funds around, we’re likely to see heavy movement – usually dips – in the crypto space. As of late, bitcoin has been jumping between $10,000 and $10,300. While this movement correlates with the actions of the whales in question, it’s odd to see that the drops have been so light in comparison to what they’ve been in the past.
One would think that if whales are moving mass amounts of money throughout different wallets and accounts, the dips in price would be even larger. This leads to even more questions, one being, “What if this is just the beginning?” Also, “What if we’re likely to see even bigger dips in the bitcoin price over the next few days?”
The good news is that at press time, this all remains pure speculation. However, many are ringing in on social media and across other platforms with their theories and predictions regarding what the whales (or other “culprits”) have up their sleeves. One hypothesis is that the transactions have something to do with the Chinese Ponzi scheme Plus Token. Those behind the scheme are believed to have stolen in excess of $3 billion from global crypto users. Could the scammers possibly be cashing out their “earnings?”
Another theory is that this is just a few exchanges moving things around, whereas if whales are indeed “at fault,” this could be a sign that the market is about to explode and move up significantly.
The two largest bitcoin transactions to occur involved over 33,000 BTC and 36,000 BTC respectively. In addition, they each took place within a half hour of each other.
Whale Alert, a platform that reports on large crypto transactions, took to Twitter to release the following message:
A Pattern Is Forming
It is likely that the devs (developers) moved or unlocked the locked supply of the coin (total supply 100,000,000).
These transactions allegedly follow another large one that took place earlier in the week. Approximately $774 million VERI (more than 97 million units) were moved from one wallet to another, though Whale Alert claims that VERI is a “low-volume coin.”
The post Are Whales Behing Bitcoin’s Latest Dips? appeared first on Live Bitcoin News.