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Following the recent decline in the Bitcoin price which has seen BTC go back below $8,000, questions have been asked about the manipulation of prices by whales. A recent whale move to Coinbase has led to speculations in the community.
The whale move in question occurred yesterday, with the whale moving 25,000 BTC from an unknown wallet to Coinbase. The move coincided with a market dump that saw the price of BTC drop dramatically.
BTC/USDT Chart provided by Tradingview
Bitcoin saw a 9.21% decline in price over a 4 hour period, during the same time, the 25,000 BTC whale managed to dump their BTC on Coinbase.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 25,160 #BTC (213,365,388 USD) transferred from unknown wallet to #Coinbase
— Whale Alert (@whale_alert) June 3, 2019
Tx: https://t.co/qOcVbVSg0b
Two notable outgoing transactions following the 25,160 BTC incoming move to Coinbase, saw 14,160 BTC moved out as well as 11,000 BTC also moved out shortly after.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 14,160 #BTC (112,631,761 USD) transferred from #Coinbase to unknown wallet
— Whale Alert (@whale_alert) June 4, 2019
Tx: https://t.co/xA68oRnDRF
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,000 #BTC (88,693,989 USD) transferred from #Coinbase to unknown wallet
— Whale Alert (@whale_alert) June 4, 2019
Tx: https://t.co/Wt3rUWtda0
What's notable about the outgoing amounts is that they equal the 25,160 BTC incoming transaction. What is also worth noting is that the original transaction was valued at $213.36 million, and the outgoing transactions totalling the same amount of BTC, were estimated at roughly $200 million. Essentially the whale sold the top and immediately bought back the dump, netting a profit of $10 - $15 million in the process. There is also a $10 million USDT move shortly after the BTC outgoing whale moves, which could be the whale moving profits out of Coinbase
10,000,000 #USDT (9,928,227 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) June 4, 2019
Tx: https://t.co/87eLWnvwNW
BTC Dump: Pure Whale Manipulation from r/CryptoCurrency