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Did A 25,160 BTC Transfer To Coinbase Contribute To The Recent Crypto Market Price Drop?

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Did-The-25160-BTC-Transfer-On-Coinbase-Cause-The-Recent-Market-Plunge

Did The 25,160 BTC Transfer On Coinbase Cause The Recent Market Plunge?

The last day saw Bitcoin losing over $20 Billion from its market cap and many analysts think that a whale account on Coinbase might be responsible to trigger it. Whale Alert, who keeps track of huge transactions in the crypto ecosystem broke the news.

The movement of approximately 0.14% of the current BTC circulating supply suggests to some observers that a bitcoin whale dumped their holdings, in order to spark a major sell-off. Many people on social media account are not too happy with this price manipulation, as a Reddit user comments:

“For all those saying that no one was complaining when a whale entering the market drove the price up. No shit, all boats rise in that situation. In the one we’re talking about here, only one group of people benefit whereas the vast majority are negatively impacted.”

How Was The Manipulation Done?

About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. Then, about an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet. Following that, in about 40 mins, a whale moved 11k BTC (worth $88M) from Coinbase to another wallet. 15 mins after that, a whale moved 10M USDT from one wallet to another.

It’s easy to notice that someone dumped 25k BTC for $215M and bought it back shortly after for $200M. In doing so, they pocketed $15M and walked away with the same amount of BTC as they started with.

Following the sharp bitcoin price plunge, other major cryptocurrencies including ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash all fell with EOS leading the field lower, down over 10% on yesterday’s price.

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to large holders moving significant volumes of bitcoin. However, whatever the whale does, as long as the general public does not freak out, markets should not be as volatile.

Similar events have happened in the past where a whale sell-off has resulted in a huge market plunge. In June 2017, one such incident led to Bitcoin falling from $2,960 to $1,904. Then in September of the same year, another whale sell-off resulted in a plunge from $4,607 to $3,667.

Looking at these events, we have to sympathize with Warren Buffet’s stance of him believing that Bitcoin is just a gambling device.

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