Where do whales trade/withdraw money?

[SamReomo]

Most of those whale wallets with huge capital can contact the private investors who are interested in Bitcoin and who may hold it for decades. We all know that there are some people who are highly interested in Bitcoin, and if someone offer them Bitcoin from 2%to5% cheaper than the market then those investors don't think a lot before buying any amount of Bitcoin.

If I'm not wrong the whale who sold his/her Bitcoin did something similarly, and instead of selling his/her Bitcoin holdings to one private investors he/she sold it to two private investors, who may hold that Bitcoin for many upcoming years. It's not hard to sell your holdings to such private investors if you offer than 10% cheaper rates. The ones who mined those for free may also not hesitate to sell their Bitcoin for 10% cheaper.

[1715585242]

1715585242

[1715585242]

1715585242

[1715585242]

1715585242

[1715585242]

1715585242

[Cookdata]

I probably shouldn't be asking this question because I am an old member of this forum but this recent article on Cointelegraph quickly inspired me to ask this question here today. Satoshi-era dormant Bitcoin address wakes up after 10 years.

Most of this old wallets can belong to anyone, Satoshi wasn't the only person that contributed to Bitcoin back in 2009-2010, there were lot of solo miners then and some contributors that mine Bitcoin then because even your laptop then can mine then but things have change now because of the difficulties and judging by those wallets, the person only sent Bitcoin from his legacy wallet addresses to a segwit once probably because he change wallet to a modern one.

My questions are the following:
1. People who own hundreds and thousands of Bitcoins, where do they trade? It's risky to deposit such a high amount of coins on platforms like Binance and Coinbase because you aren't guaranteed that they won't block your account, even immediately after you deposit them. So where do they trade?

I'm not sure if you are taking relating to that coin but an exchange doesn't have that right to hold your account for having a large amount, you were verified by the way so they know where to take a lead if something is suspicious but I just think that it's not a good idea to always use centralized exchange for such, it breaks your privacy.

2. How do they convert their Bitcoins into fiat? I know that years ago there were some bank transfer deals on this forum, I remember that Bitmain wanted to sell 10 Bitcoin or something like that here and they probably had a deal with a forum member but today when the price is so high, where do these big holders sell their coins and get fiat in their bank account? On traditional exchanges?

We have decentralized exchange like the hodlhodl that are still in existence today and are working perfectly, you can trade their but I think some people use OTC which is over the counter where you can do bulk of transaction buying and selling without going through the exchanges

[senyorito123]

I probably shouldn't be asking this question because I am an old member of this forum but this recent article on Cointelegraph quickly inspired me to ask this question here today. Satoshi-era dormant Bitcoin address wakes up after 10 years.

My questions are the following:
1. People who own hundreds and thousands of Bitcoins, where do they trade? It's risky to deposit such a high amount of coins on platforms like Binance and Coinbase because you aren't guaranteed that they won't block your account, even immediately after you deposit them. So where do they trade?

2. How do they convert their Bitcoins into fiat? I know that years ago there were some bank transfer deals on this forum, I remember that Bitmain wanted to sell 10 Bitcoin or something like that here and they probably had a deal with a forum member but today when the price is so high, where do these big holders sell their coins and get fiat in their bank account? On traditional exchanges?

My answers to these questions are:
#1. These whales trades anonymously, most of them utilizes swapping method using trustwallet dapps or metamask which is very common. Though there's no guarantee with binance, there's also other platforms where they could also store their converted fiat money and they're still holding that asset despite of how risky it was.

#2. Most probably they're trading their coins at traditional exchanges as well as those with secured KYC in order to convert their cryptocurrency to fiat.
But to those whales with wide visions on crypto, I don't they'll easily dump it. They're keeping Bitcoins at they're wallets until such time it's value skyrockets to top most price ever.

[wiss19]

You are not the first to ask a kind of question like this, so don't worry OP. I think that if we follow the guidelines of an exchange, we will never have a problem. The main one would be is to do all the KYC requirements before we deposit a huge amount of money/coins.

If we are still paranoid, then we can end up on a decentralized exchange or P2P platforms. In our forum, I can still see the marketplace and currency exchange section, which tells me that users can still exchange their Bitcoins/cryptos here to fiat money or vice versa. This forum is in fact much safer than the other but of course as long as we are familiar to the users we are dealing with and then we use an escrow, for that extra layer of protection.

[$weetne$$]

My questions are the following:
1. People who own hundreds and thousands of Bitcoins, where do they trade? It's risky to deposit such a high amount of coins on platforms like Binance and Coinbase because you aren't guaranteed that they won't block your account, even immediately after you deposit them. So where do they trade?

Some of them will be trading on the regular exchange that we use to trade too. I have seen a traders exchange account with $5million and more amounts. If they're companies they can have a meeting with the exchange owners to make them know they are the ones using the account to trade and they would not be banned. Regular users can also make that amount of deposit and be trading on the exchange after completing their KYC verification and other verification that the exchange will need to verify that they are proving a service to a genuine individual and not a criminal organisation. They also trade through OTC. They can contact the exchange and offer to sell their Bitcoin off the market so it does not affect the price of Bitcoin on the market because selling a large sum of Bitcoin will cause the price of Bitcoin to fall.

[shield132]

Satoshi-era dormant Bitcoin address wakes up after 10 years.

That is an interesting article which is different than usual articles on cointetegraph (with low quality), I like it.

Good point. Btw I like Cointelegraph's graphics, they always attract me.

I'm not sure if you are taking relating to that coin but an exchange doesn't have that right to hold your account for having a large amount, you were verified by the way so they know where to take a lead if something is suspicious but I just think that it's not a good idea to always use centralized exchange for such, it breaks your privacy.

Exchanges don't have the right to freeze your account for no reason but as you know, it happens and it happens quite often. If I had 100 or more Bitcoins, for example, I wouldn't risk depositing them on any centralized exchange because I would be in huge trouble if any of their support or automatic systems banned me. Imagine, holding yourself millions of dollars on exchange and waiting for the moment to get your accidentally banned account unbanned. That's why I asked where whales trade with hundreds and thousands of Bitcoins.

P.S. Thanks everyone, I heard very good answers. Shame on me but I didn't know much about OTC trading until now.

[bettercrypto]

I probably shouldn't be asking this question because I am an old member of this forum but this recent article on Cointelegraph quickly inspired me to ask this question here today. Satoshi-era dormant Bitcoin address wakes up after 10 years.

My questions are the following:
1. People who own hundreds and thousands of Bitcoins, where do they trade? It's risky to deposit such a high amount of coins on platforms like Binance and Coinbase because you aren't guaranteed that they won't block your account, even immediately after you deposit them. So where do they trade?

2. How do they convert their Bitcoins into fiat? I know that years ago there were some bank transfer deals on this forum, I remember that Bitmain wanted to sell 10 Bitcoin or something like that here and they probably had a deal with a forum member but today when the price is so high, where do these big holders sell their coins and get fiat in their bank account? On traditional exchanges?

When the amount to be released in an exchange is really large, it seems a bit scary. Of course, it's a centralized platform, as if they have the ability to really freeze your account or ours. So it's really safer with hardware wallets, or maybe with DEX platforms or non-custodial wallets, where only we have control over our wallet accounts.

Or it is also possible to release little by little, not a sudden large amount, because they will really question it; that's why the risk is still there. I haven't even experienced such things yet.