Moving large sum of bitcoin | Bitcointalksearch.org

lumeire

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Quote from: kawetsriyanto on June 11, 2020, 07:14:58 PM

Quote from: OmegaStarScream on June 11, 2020, 11:53:09 AM

I just googled the address, and apparently, it belongs to Bittrex ~

If the address is owned by Bittrex, I don't think it is surprising news to know big numbers of bitcoins. Bittrex is a big exchange and potentially to have that amount of BTC. However, it is interesting to know why they moved the big numbers of Bitcoins. Will they move it to a safer place? or have the intention of price manipulation? Not sure to answer this,. Grin

Bittrex was also involved in the price manipulation of Tether and bitcoin lawsuit against them in the past and the proofs coming were actually convincing me that they were responsible for price manipulation and unfair practices. I don't think that Bittrex would again try to do this kind of thing again with such huge supply of Bitcoins and tether in their hands. Maybe they would be moving these coins to an offline wallet so as to make them more secure and less prone to attacks.

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Quote from: mk4 on June 11, 2020, 12:28:15 PM

Quote from: RapTarX on June 11, 2020, 12:21:37 PM

That's a hell lot of amount in fiat. I doubt it's owned by single person and going to be cashed out. Otherwise, the price will pull back to $6/7 k I guess.

This is assuming that the owner would market sell dump every single coin in one go, which is obviously not the smartest thing to do if he/she wanted to have the best offer for his/her coins.

Quote from: RapTarX on June 11, 2020, 12:21:37 PM

ATM, BTC price is a little downward, is it the reason? If so, I guess it will create some downward pressure for a while.

Possibly. I'm guessing that it's the reason. The market has always been prone to fear from information like this.

It's been a day already, but I suppose no big sell deals occurred, as this should've affected the price immensely. We don't know what's going on here, but maybe this transfer doesn't have to do with selling BTC. Maybe it's sent to Binance not for private use, but for Binance operations as a company. It seems to me that big Bitcoin transfers usually end with something like this. I don't follow any whale alerts because I still haven't seen compelling evidence of individuals or groups of individuals pouring in or out tons of BTC to manipulate the price.

supine

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Quote from: yazher on June 11, 2020, 11:41:14 AM

That's a lot of money right there and they moving it to some unknown address. My theory is I think someone just upgraded their wallet to a new one or someone wants to ready for something. whatever the reason is, this surely makes some noise in the market community. Another speculation will follow after this transaction. By the way, I never knew that someone has developed a bot to track huge BTC transactions. So we cannot move them privately now if we move a huge amount of BTC in one transaction? everyone seems to know about it because of this bot on the image.

Yes I was also thinking that it could be someone upgrading their wallet or someone sold it for cash and now securing those Bitcoin on their own wallet.
We don't know what could their reason be for moving such huge amount but they could do whatever they want because it's their money.
Selling crypto offline isn't new so this could be a whale selling their crypto to another whale but it is only my theory.

Leviathan.007

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This huge amount usually belongs to exchanges I heard it's was from Bittrex exchange. But don't panic, sometimes the exchanges move the bitcoins in order to make some FOMO between traders. I assume maybe it was related to the recent dump into 9000usd support area. Usually when the market is this situation and huge amounts are moving out the best think to do is to avoid making emotional decisions and emotional trades in order to avoid losing your investments.

Eugenar

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Wooah, that is so much money, imagine if you are keeping that money, I think you won't work anymore because you already have a big amount of money, better to use it for savings and build a good business.

Maybe the reason why they are going to transfer their money is that they want to have a more secure wallet so they can assure that they are keeping their bitcoin safe. That is really big and so many disappointments when someone steals that kind of money.

KrisAlex18

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Wow, that is a really big amount of money, it feels so nervous when you are the one who is holding that amount of money especially for the beginners or this person who are the first time of holding a big amount of money, but for this person who is used on that thing, there is no doubt and nervous for them holding that kind of money, that is what others hackers and scammers main target, those people who are holding that kind of money is so attractive money the hackers so they should keep is secured.

Quote from: RapTarX on June 11, 2020, 12:21:37 PM

That's a hell lot of amount in fiat. I doubt it's owned by a single person and going to be cashed out. Otherwise, the price will pull back to $6/7 k I guess.
ATM, BTC price is a little downward, is it the reason? If so, I guess it will create some downward pressure for a while.

Indeed, I am also thinking that way, holding that kind of money by a single person is really dangerous and can't have by a single person, well that is really big amount of money, maybe it is from a group of people.

Slow death

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this cryptocurrency market seriously needs to be studied by many experts in the field of psychology. Most people talk a lot about privacy, but there are constantly people monitoring addresses that have more bitcoins, where is the privacy issue here if we have bitcoin address paparazzi? and that kind of thing just creates fear in people and the price drops a lot, I know that whales manipulate the price, but it is an exaggeration to have things like "whale Alert" it looks like we have whale paparazzi

Quote from: stompix on June 11, 2020, 04:05:45 PM

Some people have a serious fetish of what others do with their coins.

we even have "Whale Alert". I won't be surprised if there is ever an app to alert you when a whale moves too many bitcoins

The Cryptovator

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I am assuming that probably yesterday dump happened for this whales move. There is high chances that sent address is belongs to an exchange either exchange move their fund themselves to another wallet address. Because if exchange use new genarated address then likely it hasn't marked yet. Because from my previous experience bitcoin react (pump or dump) when happen something similar bitcoin whales movement. This is one of important symptom of manipulation of bitcoin price.

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With a balance of 43,935 BTC that addy is crazy, it could be the hot wallet of an exchange or miners holding's addy. It is hard to know.

But is a huge amount, that's a fact, and is fun to see how the markets crashed today, coincidence? i don't think so.

shata

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Quote from: stompix on June 11, 2020, 04:05:45 PM

Remember what BTC is about?
Your coins, your property, you are free to do whatever you want with them, there is no bank limiting how much you can transfer, no maximum amount per purchase, no broker limiting your sell orders, no fixed hour when exchange close for the day, if you own your coins you're free to do whatever you want with them and it's nobody else's business!

Its not about the person /organization behind; but the concern of an overall market impact that may rise due to certain huge transfers.

Anyways, everyone is concern as to what could possibly its effects to mitigate market situation in their/our own economic perspective (investments).

Its everybodys' business.

BITCOIN4X

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Traders and investors seem to be affected by this large transaction and it is proven that the price of bitcoin has dump because of it. Traders and investors are always on the lookout for large transactions like this in an effort to avoid big losses and they start selling their assets which causes prices to dump.

I do not know whether the current decline in the price of bitcoin is a market reaction to speculation that many people are afraid that the price of bitcoin will dump if all the bitcoin transactions are sold in the market, but until now all the bitcoins in the transaction are still stored in the wallet. Only a fool would send a bitcoin worth hundreds of millions of dollars to exchange, it would only cause a price reduction before all the bitcoins were sold and this would be a very bad investment.

https://blockchair.com/bitcoin/address/3FDWNdFxrJxXoF4hWXF4dkc1FFxsNyKAHh

BChydro

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Quote from: Maus0728 on June 11, 2020, 10:35:47 AM

It looks like there is someone/ group of people is transferring bitcoin! 43k bitcoin is a hell amount of money. If I am not mistaken, he is not transfering to an exchange right?

Even if these huge amounts of bitcoins are moved to sell, you cannot see those in the exchanges, they might be selling through OTC rather than sending those to exchanges and there are multiple millions of dollars worth of transactions are taking place outside the public exchanges and hence there is nothing to worry if that is the case as it will not have a big impact on the market valuation.

kawetsriyanto

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Quote from: OmegaStarScream on June 11, 2020, 11:53:09 AM

I just googled the address, and apparently, it belongs to Bittrex ~

If the address is owned by Bittrex, I don't think it is surprising news to know big numbers of bitcoins. Bittrex is a big exchange and potentially to have that amount of BTC. However, it is interesting to know why they moved the big numbers of Bitcoins. Will they move it to a safer place? or have the intention of price manipulation? Not sure to answer this,. Grin

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Quote from: LoyceV on June 11, 2020, 01:11:54 PM

Quote from: DarkDays on June 11, 2020, 11:10:16 AM

These transactions are usually only relevant when going to an exchange, since this can be an indicator of a potential mass liquidation on the way.

I always consider the Bitcoin market to be highly manipulated. If traders start assuming a large transaction is going to lead to a drop in price, it can be used for manipulation too. All that "the whale" has to do, is transfer a large amount, and the price drops, even without selling anything!
I don't like manipulation, so I'm not buying nor selling based on this.

Some opinion says this could cause a price breakout beyond the resistant $10k, I just wonder why those transfer are generating so much awareness and news, I also think the withdraw is more of hoarding and creating a level of scarcity which understandably a pumping factor. Even in this year we have cases of such withdrawal that caused the spike in price, lets watch out the price response couple of weeks

DarkDays

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Quote from: LoyceV on June 11, 2020, 01:11:54 PM

Quote from: DarkDays on June 11, 2020, 11:10:16 AM

These transactions are usually only relevant when going to an exchange, since this can be an indicator of a potential mass liquidation on the way.

I always consider the Bitcoin market to be highly manipulated. If traders start assuming a large transaction is going to lead to a drop in price, it can be used for manipulation too. All that "the whale" has to do, is transfer a large amount, and the price drops, even without selling anything!
I don't like manipulation, so I'm not buying nor selling based on this.

I don't think people actually react in this way. Like, selling out simply because they suspect a mass liquidation is on the way—though it's certainly possible.

I think it's more like a large sale can be used to create a huge red wick that'll stop out a crap load of longs and cause a liquidation cascade.

Similar events have been seen on BitMEX, and most major traders cross-trade over multiple exchanges for both spot and futures markets.

Would be interesting to get an insiders view on whether these large transfers to exchanges do actually get liquidated though. If your suspicion is right we should see an equally large withdrawal shortly after the dip once the whale got what he wanted.

dothebeats

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I don't really understand what's the fuzz on peopw/organizations moving large sums of bitcoin from A to B? It could be a number of reasons but whatever it is, it certainly doesn't need our attention or intervention. Their coin, their rules, and giving too much attention on such events certainly decreases the privacy of those who sent and received it in some way, as some people would likely snoop and trace on these taints and that's just uncool.

Should there be a drop ny tomorrow, then there be a drop. We can't control the markets anyway, and the person who must have sold that probably needs the money--again way out of our control.

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Quote from: stompix on June 11, 2020, 04:05:45 PM

Some people have a serious fetish of what others do with their coins.
How should we call this, coinvoyeurism? Grin

Remember what BTC is about?
Your coins, your property, you are free to do whatever you want with them, there is no bank limiting how much you can transfer, no maximum amount per purchase, no broker limiting your sell orders, no fixed hour when exchange close for the day, if you own your coins you're free to do whatever you want with them and it's nobody else's business!

A lot of people talk about privacy, about hiding how many coins you have and not telling anybody about them but when a transfer like that happens...who is that, who is that, let's find out!!! Leave no stone unturned till we expose this guy or company.

Besides, if you count all the tx at whalealerts you're already way past 21 million coins, probably close to 21 trillion!

Yeah, people are always curious about other peoples'l lives, it's more interesting than their own. Similar is with coins, they always want to know how much one has, what he does with that coins, why etc. And of course they want to share this with everyone, although I can't understand what is the use of it.
And they they wonder why Satoshi hasn't revealed his true identity. When you see all.this it's very clear why and it's very smart to stay hidden.

stompix

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Some people have a serious fetish of what others do with their coins.
How should we call this, coinvoyeurism? Grin

Remember what BTC is about?
Your coins, your property, you are free to do whatever you want with them, there is no bank limiting how much you can transfer, no maximum amount per purchase, no broker limiting your sell orders, no fixed hour when exchange close for the day, if you own your coins you're free to do whatever you want with them and it's nobody else's business!

A lot of people talk about privacy, about hiding how many coins you have and not telling anybody about them but when a transfer like that happens...who is that, who is that, let's find out!!! Leave no stone unturned till we expose this guy or company.

Besides, if you count all the tx at whalealerts you're already way past 21 million coins, probably close to 21 trillion!

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Quote from: LoyceV on June 11, 2020, 01:11:54 PM

Quote from: DarkDays on June 11, 2020, 11:10:16 AM

These transactions are usually only relevant when going to an exchange, since this can be an indicator of a potential mass liquidation on the way.

I always consider the Bitcoin market to be highly manipulated. If traders start assuming a large transaction is going to lead to a drop in price, it can be used for manipulation too. All that "the whale" has to do, is transfer a large amount, and the price drops, even without selling anything!

The market is heavily manipulated by big players, of course they have the biggest gun to point to the market that would impact a lot on which case they might caught the small players in a net thinking the movement was unknown. But in my opinion this huge amount belongs to a institutional investments or exchange, there is a less chance that it is from just a single person coz if it does then he's a hell of a rich person.

Quote from: LoyceV on June 11, 2020, 01:11:54 PM

I don't like manipulation, so I'm not buying nor selling based on this.

Yeah me too, mass speculation does not matter to me at all, I'll just let my bitcoins sit until 2040 Cheesy

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Quote from: ShowOff on June 11, 2020, 12:21:53 PM

Quote from: BrewMaster on June 11, 2020, 11:56:19 AM

there has never been any reliable way of knowing whether it is being sent to an exchange or not to an exchange.

In my opinion, we can still find out if it is a deposit address, then all bitcoin will be transferred to cold storage and we will see the balance become empty in the wallet. If this is a storage address, the balance will continue until the owner transfers it to another wallet.

first of all only someone who is not right in the head would send millions of dollars worth of bitcoin to an exchange in one transaction! that is just ultra stupid specially when the exchange is a shitty one that has gotten hacked recently.
secondly i have never seen any exchange that directly moves the coins you deposit to their cold storage. they always mix the coins with a ton of other inputs and make payments from them and that is to the point where it becomes impossible to even track which coins went where...

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