On Sunday, February 21, the price of Bitcoin hit a new all-time high (ATH) of $ 58,354, and at that point, inflows into the exchanges also increased. According to data from onchain analytics firm Santiment, the statistics suggest that the exchange rate inflow increased 11x on Sunday, and the data also shows that a whale address was responsible for the second largest Bitcoin transaction in 2021.
The second largest Bitcoin transaction and the 11x exchange rate are shaking the crypto market
Bitcoin prices soaring to new heights have sparked a lot of swings in the crypto market in the past few months, and even old UTXOs have woken up after over a decade of sleep. The past few days have been brutal as BTC prices fell around 20% after hitting the ATH of $ 58,354 recorded on Sunday. Of course, market watchers and onchain analysts saw things from a different perspective, and the Santiment company tweeted the entire action on Tuesday.
This whale address (which could be tied to the Gemini exchange) dropped 2,700 BTC on an exchange during the crypto market slaughter.
“As we noticed yesterday,” said Santiment. “There was an 11-fold increase in the exchange rate inflow that triggered the price correction of Bitcoin of USD 58.3,000 ATH. Further combinations of data revealed that one address was responsible for the second largest BTC transaction of the year, importing 2,700 tokens into the wallet before a quick sell-out, ”the researchers added.
Santiment continued:
The same address was also importing 2,000 BTC in March last year when the correction took place on Black Thursday. In total, 73 transactions were carried out in its one-year existence, a total of 91,935 BTC imported, with all tokens removed within minutes of their arrival.
The whale address may belong to Gemini Exchange, F2pool Conspiracies
An analysis of the whale address shows that the transaction of 2,700 BTC was sent with great privacy, according to blockchair.com statistics. The Block Explorer privacy indicator shows that the rating was 100 because the tool “shows whether your transaction is vulnerable to some of the heuristics used by many transaction tracking tools.” The 2,700 BTC issues, which were also 2,000 BTC spent on “Black Thursday”, happen to follow the same pattern as the 2010 Awakening News. Bitcoin.com has investigated this.
The above photo from Santiment’s report entitled “How Bitcoin Exchange Rate Inflow and Large Transactions Can Easily Signal Profit-Taking Opportunities” shows what that increase looked like from an exchange rate adjustment point of view (inflow minus outflow).
An awakening of block rewards worth 1,000 BTC in 2010 was also mysteriously issued on March 11, 2020, the day before “Black Thursday”. This continued throughout 2020 as several strings of 2010 block rewards were issued and large numbers were also issued on the anniversary of the Bitcoin network launch. Issak Shvarts, a Russian blockchain researcher, told our news desk that the coins had been sold to Coinbase.
The whale address captured by Santiment shows evidence that the address may belong to the Gemini exchange, at least based on data from oxt.me. Santiment noted that the exchange rate inflow was massive when the research team “intercepted 59,915 BTC in a single hour just as prices rose above $ 58,300”.
“This was the biggest increase in 16 weeks,” says Santiment. “And for context, the 200 hour idle average was 5,032 BTC, which was shifted to exchanges per hour. This means that this increase was 1,091% higher than the current mean. That exchange rate inflow was helped by the second largest BTC transaction of 2021 to a major whale address, which immediately sold the funds, ”the researchers added.
WARNING WARNING WARNING … F2POOL DRAIN IS MASSIVE … DUMP INCOMING ???
– CryptosRus (@CryptosR_Us) February 21, 2021
In addition to the second largest transaction of the year, countless market observers blamed the mining company F2pool for the latest landfill. Reportedly, F2pool, which is the largest mining pool by BTC hashrate, has been selling BTC like hotcakes.
Cityam.com-based trader called “TMG” said, “3,633 Bitcoin in a single transaction from their Bitcoin mining wallet and directly to the exchanges.” Dumping allegations against the mining pool at 15.1% hashrate (23.14 EH / s) are scattered in large numbers on social media.
What do you think of the whale address theories and allegations against F2pool? Let us know what you think on this matter in the comments section below.
Tags in this story
Bitcoin (BTC), Bitcoin Drop, Bitcoin Wale, BTC, BTC Dump, BTC Prices, BTC Whale, Coinbase, Dump, Alternating Current, F2Pool, Gemini, Issak Shvarts, Market Drop, oxt.me, Santiment, Santiment Report, sleeping Bitcoins, TMG, whale, whale address, whale BTC
Photo credit: Shutterstock, Pixabay, Wiki Commons, Santiment Charts, santiment.net, Twitter,
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