Who Is Bitcoin’s Anonymous Whale?

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A wealthy Bitcoin wallet which had remained inactive for the last 5 years made a surprising hefty deposit of 66, 233 BTC  ($256 million) two days ago. Now, Bitcoin whales (people who hold large amounts of Bitcoin) do exist; basically 1,600 BTC wallets hold about 28% of the coin’s existence. The Financial Times reported that each of these wallets hold up to 1000 coins. Bitcoin whales usually trade on large and liquid bitcoin exchanges. With the evolving market, whales have adopted ways to trade on large sums and stay anonymous while at it.

Last year, the market value of BTC was $20,000 which has fallen to lows of up to the $3,500 mark as of late-November, proving that the market is highly risky (without looking at the potential of price manipulation) even for the early investors. This is not the first time such a deposit has been made by a Bitcoin whale. On 12th November 2017, $159 million worth of Bitcoins were moved to an online exchange. In early 2018, a Bitcoin whale purchased $400 million worth of coins in a single transaction.

The trouble with these moves is that they make the market unpredictable since it may cause huge dumps of coins and panic sales. Selling even a portion of their shares in Bitcoin can cause the prices to plummet. Whales are a huge problem to investors because of this risk, especially now that the market has suffered immense value losses.

This market manipulation stand can be well coordinated among whales and can prop up or drop the market in total. In April this year, Bitcoin whales dumped about $100 million causing a $6,500 drop-in BTC value. Which means the small-time players are always at a disadvantage. Now, with the delay in cryptocurrency regulation, whales and bulls move in the market were still very much open ground and for the most part, legal. It also does not help that the crypto market is still relatively new, still undergoing technological revolution and adoption.

At the time of post, the whale is still unknown. For one to execute such a transaction, they must be a high ranking BTC investor. According to Fortune, there are 32 big players in the BTC whale pool who control 4.5% to 6% of the market. For example, the Winklevoss Brothers own over $1 million in BTC coins, and Satoshi Nakamoto remains to be the one superior whale.

The condition of the crypto market now can be blamed on a steering position by market whales. Other reasons include regulation issues and taxation and legislation regarding fraudulent activities in the crypto world. Although the market might recover, maybe through the introduction of a Bitcoin ETF, it still remains unknown how the future of cryptocurrency will be.

The recent activity remains a mystery since it is not clear what the intention of the coin movement is. If it is a selloff, then the impact on BTC price will surely be devastating and cause prices to stumble further down. It remains to be seen in the run-up to 2019 if the market will recover and by how much of a margin.

 

 

 

 

 

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