Bitcoin Whale Withdraws $89M BTC, Despite Bloody Market

[Tipstar]

Despite Bitcoin plummeting in value, it seems that whales haven’t lost their appetite. One major BTC whale just withdrew 12,000 BTC ($89M) to an external wallet.

The market is in chaos today as Bitcoin experienced another double-digit drop. Just a week ago, Bitcoin was trading at $8,700 — it is now trading at around $7,100. For the first time since May 2019, the market capitalization of the entire cryptocurrency market is under $200B. According to the Crypto Greed & Fear Index, the current sentiment is one of ‘Extreme Fear.’

Source link here

Look guys, I know how it feels when we are in a bloody market. Correct me if I’m wrong, but there will be two scenarios about this Bitcoin whale:

Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.

Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.

If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

Maybe he bought when the price started to decrease and now wants to hold it till it doubles. Rather than an individual this most probably could be a miner or an exchange or an investment firm. The good news is many people are positive for the price of bitcoin to bull. And when everybody believes something, it becomes the reality.

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[BITCOIN4X]

meanwhile i am getting scammed and loosing my btc !

What is the relationship between your case and what is being discussed by the OP ?
Try to take your time and read the rules before replying to comments. Better than having to answer off-topic.
Monitoring whales that play with the market will only make us even more afraid to hold bitcoin. Maybe we will react because of them, but think twice more before following them.

[Text]

How did he say that it was withdrawn from the market? In what exchange? Yet it is still part of the circulating supply, which important is not lost. It's not bothering me though, its only a small part of 21 million BTC. You really don't know if he was a holder for a long time ago, and seeing the current situation of the market now maybe he is afraid of losing more profits.

[kotwica666]

How did he say that it was withdrawn from the market? In what exchange?

Here you have transaction details:

https://whale-alert.io/transaction/bitcoin/facf8d643677c5a27aed31ef23e224bd1a8e33cb631a8480a12e1d18fa1ff7a7

It looks like this address:

https://www.blockchain.com/btc/address/336xGpGweq1wtY4kRTuA4w6d7yDkBU9czU

Belongs to https://coincheck.com/ exchange

[kryptqnick]

Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.
Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.
If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

Scenario 3  Coincheck moved some bitcoins from one cold wallet to another.

But that doesn't match the whole bloodbath scenario, whales are manipulating the price, we must find a culprit for the dump and hang him, right?
If there is a huge transfer in the blockchain, there must be some illuminate doing some funny business.

Seriously, stop following whale alerts. 99% of them are useless stuff!

Spot on.

Remember the fuss last week about "spam" transactions and it turned out an exchange was simply trying to consolidate all their dust?

Because bitcoin is pseudonymous, we simply don't know what is actually happening when coins move from one wallet to another.

We do not know who moves BTC, but such movements trigger the imagination and thanks to this they can manipulate the price. This is speculation and we are now seeing it very clearly, how after two - three information, on market is coming panic. In my opinion, whales test market sentiment. What happened means that there is still no stabilization, but it could have been worse. If now the price starts to rise, it will be a very good sign.

Well, actually, the price did rise a bit compared to where it was 24 hours ago. I also wanted to point out that the fact that the price did not suffer any further losses after the big sale, it might suggest that the person/company simply moved the coins, like stompix suggested, rather than sold BTC to someone else. The price might not recover right away, and honestly, it seems that the most likely fake info about the Binance Shanghai office closed by the police requires more clarification. After all, it was probably the reason behind the drop, and many people might still believe that, which can be an obstacle to Bitcoin's way towards recovering.

[BeManga]

Despite Bitcoin plummeting in value, it seems that whales haven’t lost their appetite. One major BTC whale just withdrew 12,000 BTC ($89M) to an external wallet.

The market is in chaos today as Bitcoin experienced another double-digit drop. Just a week ago, Bitcoin was trading at $8,700 — it is now trading at around $7,100. For the first time since May 2019, the market capitalization of the entire cryptocurrency market is under $200B. According to the Crypto Greed & Fear Index, the current sentiment is one of ‘Extreme Fear.’

Source link here

Look guys, I know how it feels when we are in a bloody market. Correct me if I’m wrong, but there will be two scenarios about this Bitcoin whale:

Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.

Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.

If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

base on the article we are not really sure if they sell their coin or just move it.
but there is also some scenario where a whale is selling their coin to scare some holder for the price to drop and buy back at the lower price.
it always happens before and usually, it happens when there is incoming halving or some potential price rise.

[pant-79]

Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.

We're talking about $89M here and not $89,000, I just can't imagine a scenerio where someone forked over over a $100 million just to buy bitcoin and HODL especially someone who has so much funds to begin with.

Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.

It's likely just an exchange or a fund moving their BTC to a cold wallet, that's what I think happened.
I just don't buy this idea at all, if he had bought it at a lower price 'Years ago", do you think he would have left it in an exchange all this while? Surely someone who is smart enough to buy that amount of bitcoin at a very low price years ago is smart enough not to leave it in an exchange for years.

If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

[hatshepsut93]

I'm so tired already of these whale alerts, what's the point of telling people about every big transaction on the blockchain? Did you ever hear about SWIFT or Visa boasting how they move billions in a single transaction? No, because no one cares, so why should we care about it in Bitcoin? A transaction is just data, one cent or one trillion, it's just bits in computers.

And these whale alerts aren't even good for speculation, there's a lot of false positives with exchanges and services moving their coins, and even if it indeed was a whale, it doesn't mean that they are going to immediately trade.

[TRONTON]

I'm so tired already of these whale alerts, what's the point of telling people about every big transaction on the blockchain? Did you ever hear about SWIFT or Visa boasting how they move billions in a single transaction? No, because no one cares, so why should we care about it in Bitcoin? A transaction is just data, one cent or one trillion, it's just bits in computers.

And these whale alerts aren't even good for speculation, there's a lot of false positives with exchanges and services moving their coins, and even if it indeed was a whale, it doesn't mean that they are going to immediately trade.

if you notice, when they move btc between one wallet and another, look a few hours later there is a real wave of transactions to the exchange. every time this happens, there is a big movement that occurs in the bitcoin price.

They still trade part of the percentage for periodic accumulation, this type of whale still wants to enlarge their btc assets and play with little profit.

[aardvark15]

Most likely this whale bought at a much lower price and possibly added to his balance and is just moving to cold storage while he waits for a big bull run in a year or so.  He probably doesn’t see more trading or buying opportunities for a while.

[nreal]

The third scenario in my opinion could be, he bought all the necessary BTC and withdraws to his wallet and waited for the next rally, Anyway, a huge amount of money on the exchange was not. is a wise choice.

[coolcoinz]

Why people are so intrested in whales? Not so good idea to count others money without knows anything about him

They think people with big money are the ones to follow. There's this popular assumption that rich people have to know how to make money, otherwise they wouldn't be rich in the first place. Why is this wrong? Because seemingly rich people sometimes bet other people's money, a great example is Madoff who used to trade 100 million dollars like it's nothing, but it wasn't his money. Brokers also lose sometimes, you can't be always right.

[Kprawn]

Could be many reasons for that movement.    A whale might have used that BTC to manipulate prices and he/she just wanted to withdraw it to

make sure he has full access to it when the market goes crazy. We know exchanges find some reason to temporarily shutdown their services when

huge price movements takes place, so it is natural for the whales to move coins to cold storage in times like this. It could even be a Chinese miner

that is moving his hoard off exchanges (because they are targeted in China) and just moving it to cold storage. Luckily for us, Bitcoin is pseudo

anonymous, so nobody will know what people's trading strategies and personal finances are. 

[LUCKMCFLY]

I think that they are moving more towards Exchanges, possibly they are taking positions, something like chess, and many whales are ready for their movements, but when withdrawing and entering money in Exchanges as it is currently happening, I think that the market will take new turns, it can Who are testing the offer at low price levels for a possible bullish rally, may occur.

Binance Research—the research arm of the exchange—found that 92.1 percent of respondents held funds in exchanges; 32.9 percent in cold wallets; 18.4 percent in hot wallets; and 2.6 percent in custody services.

The detail of the information here: https://decrypt.co/12001/92-of-institutional-investors-still-leave-their-funds-in-exchanges

[Hypnosis00]

That would be some sort of precaution. That certain whales might be thinking that for another bearish which makes him/her take action first before it happens. I believe he/she was worried for now, the downtrend motion more often badly think about the possible losses if he never gets his/her funds. Or, they look for another opportunity with altcoins.

But knowing that amount, it certainly big enough that they have to take care of.

[Wintersoldier]

That would be some sort of precaution. That certain whales might be thinking that for another bearish which makes him/her take action first before it happens. I believe he/she was worried for now, the downtrend motion more often badly think about the possible losses if he never gets his/her funds. Or, they look for another opportunity with altcoins.

But knowing that amount, it certainly big enough that they have to take care of.

most certainly, the whale who is responsible in selling the 89 million worth of BTC bought it in a lower price, and I highly think that he/she figures out that the market will turn out to continue to fall and enter the bear market again. So even before his investment reached its loss, he already converted to secure his/her profit in the market. This is a great way to make sure we aren't losing even the market is falling. I highly believe soon, if the market reaches the dip, this whale will surely come back and buy the dip, which will encourage everyone to do the same thing.

[CryptoBry]

Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.
Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.
If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

Scenario 3  Coincheck moved some bitcoins from one cold wallet to another.

But that doesn't match the whole bloodbath scenario, whales are manipulating the price, we must find a culprit for the dump and hang him, right? If there is a huge transfer in the blockchain, there must be some illuminate doing some funny business. Seriously, stop following whale alerts. 99% of them are useless stuff!

Exactly. I really don't find any sense in following these big Bitcoin holders on what they are doing with their assets. They own them, so they have all the right to do whatever they want to do with them. That is one essence of Bitcoin, and I am talking about freedom. We should stop blaming anybody who is moving his Bitcoin from one wallet to another as if the life of Bitcoin and that of all of us are hanging on the line because of what someone is doing. We have to leave these people alone, and we should stop listening to crap news like this. At the same time, we should also stop listening to any development in China as if Bitcoin is an invention of the Chinese.

[aioc]

[
Look guys, I know how it feels when we are in a bloody market. Correct me if I’m wrong, but there will be two scenarios about this Bitcoin whale:

Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.

Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.

If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

I prefer the second scenario because it already happens so many times in the past, where these whales are doing exit profit since it's holiday and they can't wait for the next halving I'm sure that they still have Bitcoin in their wallet.
Another scenario is these newbies who did not invest what they can afford to lose and are afraid of the doomsday scenario, like losing their investment.

[carlisle1]

scenario 3= he does not care about when he bought the currency instead what he is targeting wil be the upcoming bear when he can purchase in much lower value of BTC.

maybe he bought at $8k but it doesn't matter if the price of bitcoin will fall again to 3-4k$ right?that's the most important thing in his decision.

though all of this are speculative because we have our own reason why we are buying or selling.

[alisonwonder]

Despite Bitcoin plummeting in value, it seems that whales haven’t lost their appetite. One major BTC whale just withdrew 12,000 BTC ($89M) to an external wallet.

If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!

I think what will happen is that, the withdrawal could cause a further deep in the price because that is a Hugh amount and order hodler, both small and huge will panick and sell to have their money back. This will drop price further most likely.

and greater movement 44000 BTC ($294M) are we going to 3000 again?