Bitcoin Forum

Great selling pressure has been shown in eth for the past 5 days and it seems like downtrend gets stronger as the time goes by. Eth gets hammered and sold for btc or fiat and even though it doesnt justify such massive outgoing transactions. In one moment amount of bitcoin in eth orderbooks exceeded the poloniex cold storage and this fact alone let me into conclusion that the bubble could be bursting now as profits being converted into btc and pulled off exchange. I think this pump was timed in such a way that they could take advantage of the time left till halving regroup and get prepared for the btc advance.

https://i.imgur.com/taFA9b6.png
https://i.imgur.com/WuiMXwC.png

Yeah, and there are other wondercoins that have pooped up lately and are being valued in the hundreds of millions of dollars presently. It seems to be pump and dump season.

Their plan was spot on from the beginning. Start the pump in january, get it over 0.035 before the end of march and afterwards slowly dump what they have been accumulating for the past 6 months. Huge bitcoin being withdrawn means its considered unnecessary for leveraging the post-bubble market. Which in turn suggests that there might be nothing to leverage as long as they finish this rally. They did withdraw whats redundant and left whats necessary to provide support.

Yeah, and miners have piled into it as the price has ballooned. Probably among them some notable operations close to bankruptcy after the huge Bitcoin difficulty increases. Too much supply for the bubble to last long.

In spades.   Yobit even started that whole IOU thing with Lisk, as if there weren't enough coins to speculate with.  Eth rose too high too fast anyway.

Seems like Ethereum is on her period  ;)  :P I think next bubble will be bigger than the previous one though...

It´s still priced at almost 700 million dollars. That´s some serious money. Maybe it´s really worth it or even more, I have no idea. The market will have to decide.

The ETH rinse and repeat was fun you gotta admit. Next up Lisk.

All those multisig destination addresses that have neat bundles of 5k coins in them, they belong to Poloniex.
3K6LdP3sQyZwvjv5nrUpxdLe5vdAmHroKW
38uEUzAbWBKduMJW4swyt2qbZoSZFBzV6i
3LPfVTknzT7FE4y4szU5wuLiNsE6MZQZA9
3LGDmZdFARee5zrvSay7juRHjvrDHjKwiL
3Jar2U9ZMwHr2eYDQP56tpczXG5W6jQtQ1
3K6LdP3sQyZwvjv5nrUpxdLe5vdAmHroKW
33pGeaghJeHZuGbjEeraDERzYVbMeeKSKw
344pUP56enuGjbPdyubYEqoxB6VaFmD1Md
many more....

How do u know these are poloniex wallets and not someone's local wallets?

Not instantly. Hope they shake out some IPO buyers first with some trolls and FUD  ;)

Those 8 addresses alone total $16.8 million USD. That's just the few I listed, there are many-many more like that, all with perfect 5k BTC chunks in them.
What do you think is most plausible:
 - A single customer withdrew well over $17 million USD from polo
 - More than 8 different customers each withdrew exactly 5k BTC each (~$2 million USD)
 - Poloniex is moving some coins to multi-sig addresses. (Notice the old cold storage was single and the new are multi-sig)

I must say, you do have a lot of clear evidence to support this claim. Looking at that chart its undeniable. People are taking their btc and moving them far far away from poloniex. ETH pump is over. :(

Because if you go to https://www.walletexplorer.com/wallet/48042905b227a946?from_address=3K6LdP3sQyZwvjv5nrUpxdLe5vdAmHroKW    You will see see that its part of poloniex ! 8)                         

ETH still got a very solid marketcap and volume in crypto standards, but it doesn't take rocket science to know that this massive pump was planned to get as much BTC out of uninformed hands and in general dummies that buy on the FUD about the blocksize nonsense and other anti-Bitcoin propaganda. Of course money was all going to go back to Bitcoin before halving to take positions, what did you expect? Bitcoin is the undisputed champion.

Investopedia 101



Market cap is not a measure of anything real such as liquidity because for example if just 1% of the supply of Dash was sold it would cause the price to drop 99% (https://twitter.com/TuurDemeester/status/717839912980992004) whereas only 20% for Monero.

Market cap is not even a measure of how much has been invested in the coin. For example, I create 1 million tokens, then execute one transaction to buy 1 token from myself for $100. No one invested $100 million. Duh!

Much of the volume can be fake due to insiders buying from themselves to create pump of the price, which is especially likely (presumably always) in ICO and insta/premine coins (i.e. scams).

ETH is not even a hundredth of Bitcoin's market adoption:

People are moving into VIPTOKENS and DECRED.

And Gamebet coin.

Decred price is very low now, i think anyone want to invest, the time is right now for that.

Everything is low now.  All of them.  I see the market cap is down to 7billion - it has been riding the 8billion market cap for awhile.  Interesting movement what does it mean?

Polo still has over 57k BTC 24hr volume right now.. It doesn't really matter what the price is for them, they are making an absolute killing off of ETH in trade fees..

"Adoption-adjusted Market Caps" It´s an eye opener for sure. The question for the future is which of it won´t remain overpriced and largely useless dust.

i agree, if exchangers are not pulling mtgox then they don't care about these things because they are taking a lot of fees on each trade that takes place on their website.

Yeah, this shitty premined ETH is dying!

True. If you're a contrary-opinion type, you can mark down the Yobit IOU-Lisk maneuver as the moment when the markets became too pump-addled to be sustainable.

Great fact-checking, by the way.

I will admit, I jumped on the mining bandwagon and made some money out of it... Would have been a fool not to... I will keep mining it for a while and see where it goes, but not sell yet. I am hoping it finds a good usecase, but it so sounded like a pump and dump. GPUs are  still pretty much worth what I paid for them too.

Could be entity, hedge fund, or any sort of incarnate moneymaker or being seeking ways to lock in huge bitcoin in a "personal" multisig wallet.


Thats right, multisig addresses start with 3. Its possible that poloniex has gone to a precaution of chopping up the funds for securely storing them in multiple multi-sig wallets. Whats unclear is why they only resorted to that measure after the pump had ended, not before.

That swing represents 85% of polo's cold storage, 70,000 BTC or $29,400,000 USD. Do you really believe that much BTC could have been the deposits of a single account? Where are the deposits of all the other customers? And look at the ETH cold storage balance, that has barely moved. Wouldn't you think that if nearly $30 million USD left polo the ETH balance would have been affected?

ltc is still stable. so not every coin is down.

l would really like to believe that the way the price and orders change so fast that all those buys and sells are legit! ??? I think a group has come up with the best auto trading bots anyone has seen! ;D Some one or group is making a killing and now its time to reap the profits!! Those withdrawals are CRAZY LOL Come on over 50,000 btc in volume everyday?

Looking back on all the volume polo got I can't believe BTC-E never added ethereum like why.
can anyone explain this to me I just don't get it do they not like money.

Yes.


Still on poloniex. ~15% according to ur own calculations.


It has already been affected in a positive way. A yummy lump sum of ethers could soon be on its way from poloniex. Here is why (https://www.reddit.com/r/ethtrader/comments/47v17v/1220000_eth_hit_poloniex_wallet_20_hours_ago).

But the Decred price is also dropping. In fact most of the altcoin price has dropped a lot, including Monero and Dash.

Eths sucking a lot of money thats why alts creeping down. Happens every time eth dips, then back to norm.

True, also decred dropped. Many will tell that this is the right time to invest.
I prefer to wait to see where those drops are headed.

was only a matter of time before ETH began to correct.  Hopefully it goes low enough that it makes sense buying some to hold on to for a long time.

I'd like to meet this imaginary person who deposits $29,400,000 USD on Poloniex. I prefer the simplest explanation (https://en.wikipedia.org/wiki/Occam%27s_razor).

It is in the correction phase now. If the price stays around 0.018 to 0.022 for the next few months, it is good.

But the traded volume is still pretty high.  It could be that Poloniex are splittng their wallets, or moving them into trezors or cold storage.

I do thing the main pump phase of the ETH rise is over, the next phase will be interesting, I expect some of the lesser Alts will shrink and die, I am not sad about that!

The pump has finished. The price of Ethereum is in the consolidation phase. If there is big good news, the price could go up.