Big whale liquidating his stash of bitcoins

[Canis Majoris]

I've been watching closely a Bitcoin wallet which has over 167,000 BTC in it. Here it is. A few days ago 7,000 bitcoins got sent to Bittrex (3000+4000), to this wallet. And soon thereafter we witnessed a massive price crash. Today another whopping amount of 5,000 BTC has been sent to the same exchange.

Does it mean that we should again expect an imminent and massive market collapse in the next few days or even hours?

[1715378237]

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[fabiorem]

Did anyone here watched the interview of Ivan with Richard Heart? I watched part of it, and the old whale said he dont believe in bitcoin anymore, that it failed and that he is out of it.

[MrBigHang]

Okay, I figured it out.  That's a crazy amount of BTC.  How did you come upon this address?

[zazzbg]

How do I check how many bitcoins are in that address?

https://blockchain.info/address/16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk

[MrBigHang]

How do I check how many bitcoins are in that address?

https://blockchain.info/address/16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk

Thanks

[gentlemand]

If you wanted to crash the USD/BTC market why would you head to Bittrex?

As for Richard Heart, he appears to be a hype merchant. His super whaleness probably amounts to his change left over after buying some (fake) Viagra via Silk Road.

[severaldetails]

Is it possible that the wallet is directly owned by bitterex?
In that case they would need the coins to pay the customers who request a withdrawal.

[MrBigHang]

If you wanted to crash the USD/BTC market why would you head to Bittrex?

As for Richard Heart, he appears to be a hype merchant. His super whaleness probably amounts to his change left over after buying some (fake) Viagra via Silk Road.

Probably because the withdrawal limits are higher compared to other U.S. based exchanges.  

[vit05]

This is really interesting. But did he stop believing in Bitcoin, or did he avoid a greater loss knowing the repercussions of Tether? And for that reason you chose an exchange instead of an OTC operation. Did someone get some print screen out of the sales wall, if it formed any, it could mean that he wanted to contribute to a crash and eventually profit from it?

[gentlemand]

Probably because the withdrawal limits are higher compared to other U.S. based exchanges.  

But no other exchange will follow Bittrex's example. It's only the 20th in volume and it's not even real dollars. If you want to crash then you'd have to head elsewhere.

[fabiorem]

This is really interesting. But did he stop believing in Bitcoin, or did he avoid a greater loss knowing the repercussions of Tether? And for that reason you chose an exchange instead of an OTC operation. Did someone get some print screen out of the sales wall, if it formed any, it could mean that he wanted to contribute to a crash and eventually profit from it?

From what I watched, he said lightning network would stimulate people to sell bitcoin, since they would be spending it to buy stuff, and this would bring the price down.

I didn't find any basis for his explanation, because LN would increase adoption, and the higher demand would raise the price.

[Canis Majoris]

Is it possible that the wallet is directly owned by bitterex?
In that case they would need the coins to pay the customers who request a withdrawal.

No, the wallet doesn't belong to Bittrex. You can search it at www.walletexplorer.com, and you will see that it is not linked to any service or exchange. So it is likely a "stand-alone" wallet which belongs to some really big whale. Now we should try to find out whose this wallet might be. Any ideas?

Okay, I figured it out.  That's a crazy amount of BTC.  How did you come upon this address?

All big wallets are known. You just need to watch them closely.

Probably because the withdrawal limits are higher compared to other U.S. based exchanges. 

But no other exchange will follow Bittrex's example. It's only the 20th in volume and it's not even real dollars. If you want to crash then you'd have to head elsewhere.

The guy is probably just cashing out using an exchange which he finds most reliable or where he is registered.

[gentlemand]

From what I watched, he said lightning network would stimulate people to sell bitcoin, since they would be spending it to buy stuff, and this would bring the price down.

I didn't find any basis for his explanation, because LN would increase adoption, and the higher demand would raise the price.

I watched it. Because he failed to sell at the peak he's started coming out with the type of uninformed shit central bankers do. He even now favours an Amazoncoin over Bitcoin because, um, he didn't dump in time and accepting it won't cause you bank problems.

Just another crypto footnote.

[UnDerDoG81]

Same things happens after each dump? Whales move coins etc. It's good when whales sell. So the 1% will become less and less.

[buwaytress]

Same things happens after each dump? Whales move coins etc. It's good when whales sell. So the 1% will become less and less.

That's right. I was just thinking for a moment that this "whale" at that amount of coins isn't that much of a whale. I mean, sure you dump 30% of Bittrex's daily volume but that's a drop in global volume... not even half a percent? But as you point out, it's good that these whales sell off every dump and that always helps explain why declines keep sliding since sell offs trigger sell offs. Maybe in ten years, even 1k BTC can be considered a whale. I'd love to have a thousandth of a whale's holdings!

[RodeoX]

Ah yes, the mythical whale. Kinda like god for traders. we never see him, but he surely controls our lives.
 

[alyssa85]

Is it possible that the wallet is directly owned by bitterex?

Possibly. They could have been moving coins from their cold wallet to a hot wallet address to allow withdrawals. We know the destination wallet is definitely owned by Bittrex

[olumyd]

I've been watching closely a Bitcoin wallet which has over 167,000 BTC in it. Here it is. A few days ago 7,000 bitcoins got sent to Bittrex (3000+4000), to this wallet. And soon thereafter we witnessed a massive price crash. Today another whopping amount of 5,000 BTC has been sent to the same exchange.

Does it mean that we should again expect an imminent and massive market collapse in the next few days or even hours?

It's possible it was from cold storage to the exchange. But if that small amount of BTC can do this amount of damage to total crypto market cap,then we should be wary of risky bitcoin and altcoin investments.

[andrei56]

Same things happens after each dump? Whales move coins etc. It's good when whales sell. So the 1% will become less and less.

That's right. I was just thinking for a moment that this "whale" at that amount of coins isn't that much of a whale. I mean, sure you dump 30% of Bittrex's daily volume but that's a drop in global volume... not even half a percent? But as you point out, it's good that these whales sell off every dump and that always helps explain why declines keep sliding since sell offs trigger sell offs. Maybe in ten years, even 1k BTC can be considered a whale. I'd love to have a thousandth of a whale's holdings!

Yes, the whales are too powerful, as long as they retain the same amount of bitcoins how much fiat you need to by a bitcoin is irrelevant, they can affect the market as they wish so I consider whales selling their coins a good thing since we will have less actors trying to influence the price of bitcoin and we will have a price that truly reflects the supply and demand of bitcoin instead of having a price dictated by who has the most influence over bitcoin.