2021-03-23 yahoo! - BTC Transfer Worth $806M Might Reveal Institutional Purchase

[acquafredda]

Digital-asset traders and analysts were scrambling Tuesday to assess a fresh data point extracted from the Bitcoin blockchain: Some $806 million worth of the cryptocurrency apparently transferred earlier in the day off of the Coinbase exchange’s institution-focused unit, Coinbase Pro.

The jury is out on what it means. It could be that a large investor or several just completed a fresh round of buying and now are taking the bounty off the exchange for long-term holding or other purposes. Or it might be something else more innocuous, such as an internal transfer.

https://finance.yahoo.com/news/bitcoin-transfer-worth-806m-might-162852980.html

Let them buy, let them fight until the very last bitcoin available. Huge amount in dollar equivalent, almost a fricking billion dollar. We will witness more of these sort of buy as now that the genie is out of the bottle everybody wants bitcoin!

[aoluain]

Well there is no stopping them now, there will certainly be a lot of
big block purchasing going forward.

I wonder will this be related to a possible announcement this week
according to NYDIG?

[2021-03-21] NYDIG head "major firms to announce Bitcoin ‘milestones’ next week"

[acquafredda]

It could be actually, nice catch if it is that.
No matter who bought, this clearly demonstrates that the level of interest around bitcoin is huge as we speak. I witnessed something similar on a smaller scale because I introduced a person I know to a crypto company that does OTC bitcoin trades and this guy bought €100k like if he was buying candies...

[stomachgrowls]

Lets put up some image for some visualization.


Yeah, thats a huge spike but in just in common sense where  these fellas are just typically buying in the bottom.
Bitcoin market doesnt really exempt on who'd like to invest neither an average joe or those big fishes out there.

[Lucius]

Let them buy, let them fight until the very last bitcoin available. Huge amount in dollar equivalent, almost a fricking billion dollar. We will witness more of these sort of buy as now that the genie is out of the bottle everybody wants bitcoin!

You forget one very important thing, and that is the fact that fiat does not have a max supply, and it should not be forgotten that someone adds trillions of dollars to the system, which then buys Bitcoin with a part of that money. The difference between you and me is that we will always have limited purchasing power (unless we win the lottery), and they will always have their own money printers.

It should also not be forgotten that stable coins like USDT and their digital printing without being really backed up with anything pose a kind of problem, but that is another story nonetheless.

[bryant.coleman]

Two months back, when Tesla purchased Bitcoin from the open market, they had used Coinbase. And in February, Tesla had made it clear that they will purchase Bitcoin at frequent intervals. So I am 80% sure that this was another purchase being made by Tesla. I know that a few other corporations have expressed their interest in accumulating BTC. But I don't think they are ready for Bitcoin yet.

[Theb]

We should focus on this quote within the article

“The outflow was split into multiple wallets, which could be their hot wallets, representing an internal transfer or custodian wallets for institutions,” Ki Young Ju, CEO of CryptoQuant, told CoinDesk.

Let's not go over our heads that their are several institution suddenly buying Bitcoin not at least without any kind of disclosures especially if they are publicly listed on a stock exchange because there is also a big possibility that this was just an internal transfer like what the CEO of the one analyzing the transactions pointed out. 14,000 BTC being bought by some people wouldn't go unnoticed even if we are talking about a OTC trade as we would see announcements from this institutions with their investments. The article also clearly stated that this was just a "speculative guess" or what I would say just creating content for them to have visitors in their website.

[acquafredda]

Let them buy, let them fight until the very last bitcoin available. Huge amount in dollar equivalent, almost a fricking billion dollar. We will witness more of these sort of buy as now that the genie is out of the bottle everybody wants bitcoin!

You forget one very important thing, and that is the fact that fiat does not have a max supply, and it should not be forgotten that someone adds trillions of dollars to the system, which then buys Bitcoin with a part of that money. The difference between you and me is that we will always have limited purchasing power (unless we win the lottery), and they will always have their own money printers.

It should also not be forgotten that stable coins like USDT and their digital printing without being really backed up with anything pose a kind of problem, but that is another story nonetheless.

Yes, but your point was taken as it makes complete sense. The amount of fiat money that entered the market is simply outrageous and at some point in time this whole fiat money flooding will have to start unfolding some consequences: inflation, hyperinflation, war(?!?)... I mean you name it.