More than 608k BTC was moved from dormant wallets!

[Stedsm]

https://news.bitcoin.com/previously-inactive-whales-are-moving-large-amounts-of-btc/

Sources show that more than 608k Bitcoins were moved since they have been inactive for more than 3-5 years. Spiry, a Twitter user had also disclosed a list of those 76 wallets where these coins were sent in a batch of 8k coins (probably all may be OTC transactions) in a post here - https://mobile.twitter.com/spirybtc/status/1070339579557892098

Watching a very harsh period going on in the whole crypto, I believe this doesn't really look good for hodlers if these whales ever decide to move their coins to exchanges to dump them. It's their right to do whatever they wish to, but should such transactions and many more that happened before, be considered one of the major reasons for BTC to come to such irrelevant levels whilst if we listen to what Bitcoin bulls had to say, Bitcoin is very low in its market price compared to its fair price which should be above $15k.

[DaMut]

Reading this kind of article or getting this kind of news when the market is on the bear is like having a wound on your body and someone accidentally rub the salt into your wound.
Have been in crypto for almost 4 years, and seems like my faith starting to waver.
indeed the price is much higher compared to 2 years ago, but we need to understand that a LOT of peoples are losing their money right now.
if it goes lower from this point, what will happen to our crypto space later on?

[Stedsm]

Reading this kind of article or getting this kind of news when the market is on the bear is like having a wound on your body and someone accidentally rub the salt into your wound.

Hell yeah, that's what everyone who bought above the current levels must be feeling. Even when Bitcoin bulls used to ask people to "KEEP CALM AND BUY BITCOINS AT SUCH CHEAP RATES" when it was playing at $6k, nobody would've thought ever that the bearish times (Futures and shorting opportunities) would kill the value to under $3250 levels.

Have been in crypto for almost 4 years, and seems like my faith starting to waver.

What have you exactly learnt if your faith started to shiver during bearish times? Are you not aware of the fact that BTC survived worst conditions, even worst than these? Yes, I can understand that the types of deaths it had before were completely different from the current position, taking into account the numbers which rose exceptionally during a year itself. But then, this was really needed and was destined to happen. Now has the time come for BTC to recover, keep faith my friend and hodl, this is what bears want us to do - lose our trust in crypto, so don't make it easy for them.

if it goes lower from this point, what will happen to our crypto space later on?

Nothing would happen, it'll only make an average investor lose their faith in cryptocurrencies and that's when the real game of snatching away the opportunities from us will start taking place.

[mk4]

Instead of actually panicking like "ooo nooo mr whale dump the bitcoin price", why not be amazed instead on how someone managed to move HUGE amounts of value, with very minimal fees, and without an intermediary? Now that's remarkable! Like geez. Let's not focus on prices for at least a day.

Not to mention that we don't even know if the bitcoins are actually on the way to an exchange wallet or not.

[leavolnhals]

I think it was those who bought BTC since 2010 and now they have forgotten the Private key. They can not access it and our market will take 608k bitcoin.
But it will not matter, bitcoin has not been exploited yet. It does not affect too much on the volatility of the crypto market.

[1Referee]

It's not a whale, but solely Coinbase performing maintenance that will result in a better (i.e. more secure) distribution of coins, and probably also to claim the fork coins.

https://blog.coinbase.com/notice-of-blockchain-movements-b09cb1ec46dd

I'm quite shocked that they hold that many coins. It's crazy if you think about it, because this just shows how much 'faith' people have in Coinbase, a centralized entity. I get it, it's one of the most compliant exchanges, but that doesn't mean it won't ever mess up one way or another.

I do however like how they used Segwit to save up on fees, which perfectly demonstrates how they acknowledge its usefulness.

[DaMut]

Hell yeah, that's what everyone who bought above the current levels must be feeling. Even when Bitcoin bulls used to ask people to "KEEP CALM AND BUY BITCOINS AT SUCH CHEAP RATES" when it was playing at $6k, nobody would've thought ever that the bearish times (Futures and shorting opportunities) would kill the value to under $3250 levels.

Could not agree more with this statement.

What have you exactly learnt if your faith started to shiver during bearish times? Are you not aware of the fact that BTC survived worst conditions, even worst than these?

I know the fact that Bitcoin survived worst conditions before this, but we need to understand that we are in on different level from before.
today, more than one country that supports Bitcoin. And when the price goes down this lower, what will happen with their investor?

Nothing would happen, it'll only make an average investor lose their faith in cryptocurrencies.

Do not agree, when Japan stated that they were supporting it. Their investor and even their citizen were using it, that means they were not a regular investor but instead they were the foundation. If they are losing it right now, do you think Bitcoin will survive?

[hermankoles]

Large-scale transfer of bitcoin does not mean that prices will fall because the market is flooded with bitcoin, but this may add to market activity which will certainly increase trading volume which impacts on the growth of crypto prices. We also hope this will give a positive role to the price trend which is currently still declining

[bravehearth0319]

Reading this kind of article or getting this kind of news when the market is on the bear is like having a wound on your body and someone accidentally rub the salt into your wound.
Have been in crypto for almost 4 years, and seems like my faith starting to waver.
indeed the price is much higher compared to 2 years ago, but we need to understand that a LOT of peoples are losing their money right now.
if it goes lower from this point, what will happen to our crypto space later on?

You may have a point in your assessment dude, but we should always remember that whether the market is increasing or decreasing,
We as a trader in crypto can still make a chance to earn when we do the actual trade. If we do the right and proper things while we are in the platform exchange. Though, we knew lots of community faced loss of money in trading.

[proTECH77]

I think it was those who bought BTC since 2010 and now they have forgotten the Private key. They can not access it and our market will take 608k bitcoin.
But it will not matter, bitcoin has not been exploited yet. It does not affect too much on the volatility of the crypto market.

These are issues one doesn't boarder with because Bitcoin will always survive the most difficult time and come out victorious. In regard to the whales moving their Bitcoin of such volume is a plus and most be commended. The movement of such Bitcoin could be the reason behind CoinBase.com maintenance which is currently taking place. Bitcoin will always come out strong after the huddles of the bear market.  

[o_e_l_e_o]

It's not a whale, but solely Coinbase performing maintenance that will result in a better (i.e. more secure) distribution of coins, and probably also to claim the fork coins.

Thank you. This has been discussed several times before, and I made a similar post debunking all this panic a few weeks ago here: https://bitcointalk.org/index.php?topic=5079682.msg48430890#msg48430890

All the addresses on that list can be traced back to the following 9 addresses which were loaded up with ~66,000BTC each in 2013: https://www.blockchain.com/btc/tx/a289ea76bcc396412e90d63b90eb462ea2adb326aa027d5a1bb8864c7c152012

Some of these addresses were emptied 18 months ago before the big bull run. Some of them are being emptied now. It bears no relation to the market. It is simply Coinbase securing their cold storage.

[gentlemand]

nobody would've thought ever that the bearish times (Futures and shorting opportunities) would kill the value to under $3250 levels.

Then they were bleedin' dimwits.

You don't get a bubble where a one page website and a non existent token is 'worth' 'billions' without having your balls kicked until they're flattened in the aftermath.

A 6 grand ish bottom way less than a year after the emptiest and longest pump imaginable seemed like dreamland to me. No one gets off that easy. If this has been the bottom then there could've been much worse outcomes.

As for this wallet stuff, I pray for the day when a straightforward movement does not attract 'OMIGODWEALLGONNADIE' threads.

[Stedsm]

Instead of actually panicking like "ooo nooo mr whale dump the bitcoin price", why not be amazed instead on how someone managed to move HUGE amounts of value, with very minimal fees, and without an intermediary? Now that's remarkable! Like geez. Let's not focus on prices for at least a day.

Not to mention that we don't even know if the bitcoins are actually on the way to an exchange wallet or not.

I really appreciate the fact that they chose SegWit to keep the fees to least and used it to move their money in bech32 addresses, it's not just the price alone but about the confidence of an average investor. I'm not so influenced that I'd panic and start shouting the way you mentioned, but instead, I've just shared what I came to know.

It's not a whale, but solely Coinbase performing maintenance that will result in a better (i.e. more secure) distribution of coins, and probably also to claim the fork coins.

https://blog.coinbase.com/notice-of-blockchain-movements-b09cb1ec46dd

I'm quite shocked that they hold that many coins. It's crazy if you think about it, because this just shows how much 'faith' people have in Coinbase, a centralized entity. I get it, it's one of the most compliant exchanges, but that doesn't mean it won't ever mess up one way or another.

I do however like how they used Segwit to save up on fees, which perfectly demonstrates how they acknowledge its usefulness.

Even if it's Coinbase, why can't these be called whales themselves as they hold such drastically huge amounts which already gave them too much power to make/break the markets according to their Government's orders (as you mentioned that they're too much centralized as an organization for cryptocurrencies). Bitmex and Bitfinex are also two of the biggest exchanges holding the highest amount of BTC and everyone knows the fact that Bitmex manipulates the market price of all the listed crypto over there. Exchanges like Coinbase may not be called whales alone, but centrally controlled whales who, with just one steer of their boss, may drive the markets towards the side their boss has chosen.

[arpon11]

I believe there are moving the coins to exchange to dump. We should expect another dump in future and I was thinking that bitcoin needs  to be preserved by some trustees which are ready to hold large quantities in some wallets in other to make it very difficult for the price to go down the way it is currently.  I did see bitcoin in the hand of many people and companies that did not like it grow and development and that is why they keep dumping it as will.

[o_e_l_e_o]

Exchanges like Coinbase may not be called whales alone, but centrally controlled whales who, with just one steer of their boss, may drive the markets towards the side their boss has chosen.

There's a difference between dumping 608,000 bitcoins and market manipulation, which I agree Coinbase are certainly guilty of (not to mention insider trading). The 608,000 bitcoins they are moving around, for a large part, aren't theirs. The BTC belong to Coinbase's customers who are currently actively trading, or (stupidly) storing their coins on the exchange. They could theoretically move all these coins to another exchange, sell them, make billions and dump the market, but they would all quickly end up in prison.

[MULTIK888]

The movement of this batch of bitcoins began on November 26.if you did not know, these movements served as a further drawdown after the first decline on November 14, 2018.
If you watch the movement of money in some way it is possible to predict the direction of the price in the near future and it is also one of the strategies of trade in this market.
Those who saw these movements in advance sold their bitcoins and were in a good plus. Follow the news, read more and you will also be aware of the main events.

[1Referee]

Bitmex and Bitfinex are also two of the biggest exchanges holding the highest amount of BTC and everyone knows the fact that Bitmex manipulates the market price of all the listed crypto over there.

I'm not sure how Bitmex manipulates the market aside from trying to stirr up traders to become more active, or to perform 'maintenance' during odd time frames. Bitmex fetches its prices from Bitstamp, Coinbase Pro and Kraken. In other words, price discovery happens at these exchanges and not Bitmex itself.

Exchanges like Coinbase may not be called whales alone, but centrally controlled whales who, with just one steer of their boss, may drive the markets towards the side their boss has chosen.

That could happen, but considering the oversight on Coinbase, and their intentions to remain the most trusted and compliant exchange, I don't see them personally attempt to command traders what to do with their funds. I'm 100x more worried about a hack or an insider job from a rogue employee, or the government itself ordering to freeze funds of certain entities using Coinbase.

Having over 600,000BTC makes you wonder if anyone would ever notice if 10,000-20,000BTC are missing if Coinbase decides to not report a hack or theft, especially with how it's highly unlikley that everyone will withdraw their coins all at once.

[Reid]

608k of bitcoins is a large amount.
I am hoping what I read is untrue. If this is seen by small hodlers then a big wave may come again producing a large panic that even .1btc holders might make a difference to this value by now.

I still dont get it. Is this really the enough value for them to suddenly withdraw their bitcoins which is the future of currencies and also a part of the new world technology.

I just also hope they dont regret it. Those movements could really cause a lot before the end of the year, for many are still hoping that history will repeat itself.

[adaseb]

This was in the news today: https://www.cryptoglobe.com/latest/2018/12/how-coinbase-carried-out-largest-crypto-migration-ever-5-of-all-btc-and-8-of-all-eth/

Basically exactly what the above poster has said. It was coinbase upgrading their cold storage from Generation 3 to Generation 4.

Generation 1 was basically a simple USB stick and paper wallet stored at a safety deposit box at the bank. Generation 4 is much more complex and secure.

[Marshall14]

Basically exactly what the above poster has said. It was coinbase upgrading their cold storage from Generation 3 to Generation 4.

And it has already been interpreted by a lot,including the OP, as a bitcoin potential crash,whales this and that,i think the major issue we have here isn't even the bear market,but panic and uncertainties
Since the market or rather the system gives us no grip hold, we seen to establish ours and most times negative,which leaves us in potential losses