5 ms·

Whale buys $1.6B worth $BTC within 5 minutes

22 points by andreygrehov 5y ago

moralestapia 5y ago
>According to a very recent analysis by Ki Young Ju, a market analyst, a whale has bought $1.6 billion worth BTC via market orders in just five minutes. This is interesting as it implies 1.6B of fiat moved hands (unless it came from other tokens which I doubt), very hard to pull that off while avoiding KYC. I remark this as usually the 'whale' term implies some sort of anonymity as in "we only know a lot of tokens moved".
- davidgerard 5y ago
  It also doesn't say if it was dollars or a dollar-substitute token.
- qeternity 5y ago
  > This is interesting as it implies 1.6B of fiat moved hands (unless it came from other tokens which I doubt) No fiat, just Tether. It was most likely not one single actor, nor was it likely a bonafide purchase. This was meant to rip the market higher and liquidate shorts.
  - xur17 5y ago
    > This was meant to rip the market higher and liquidate shorts. Seems to have worked.
  - moralestapia 5y ago
    Awesome, thanks.
- anonporridge 5y ago
  Whale just means rich person who can make a big splash in the market, not that they are anonymous and avoiding KYC. Just because the general public doesn't know who it is, doesn't mean the exchanges used and regulatory agencies don't know who it is. KYC doesn't mean we the people get to know, just that government authorities get to know.
- wut42 5y ago
  >I remark this as usually the 'whale' term implies some sort of anonymity Does it ? Whale is commonly used in finance-related and casino-related subjects, where anonymity is nowhere to be found; and even in crypto anonymity is nowhere to be found, as yourself remarked, KYC is always needed as soon as you want to move crypto in/out of cash. The only anonymous part is that the common public doesn't know who that is.
DaiPlusPlus 5y ago
It could just be an institutional investor moving coins between wallets, couldn’t it?
- qeternity 5y ago
  No, these were market orders on an exchange.
  - lvl100 5y ago
    What makes you think institutions do not execute market orders? They do it all the time especially in crypto. They do it to trigger buy orders.
    - snypher 5y ago
      They weren't saying it wasn't an institution making the market order. They were saying it was a public trade and not just a blockchain transaction. Edit; the actual analysis is here https://cryptoquant.com/quicktake/615dab839a9d40253e0e36ee-Someones-bought-up-16B-worth-BTC-via-market-orders-in-just-5-minutes https://cryptoquant.com/quicktake/615dab839a9d40253e0e36ee-S... but doesn't give much detail.
    - qeternity 5y ago
      Institutions in the typical context of the word do not do this. They don’t engage in manipulation of markets. Traders and exchanges do.
stevespang 5y ago
JP Morgan
headsoup 5y ago
Probably the Tether execs doing the old pump and dump to cash in before they face the subpoenas and the downward spiral of criminal reckoning... I doubt anything was 'bought,' probably more likely 'traded.'
- anonporridge 5y ago
  For this to be the case, it requires that there exists $1.6 billion in demand for Tether, right? Who are these people that are demanding and holding that much of something even the crypto community thinks is fishy and likely to collapse someday?
  - headsoup 5y ago
    Tether in the past have created millions of tokens out of thin air, so could just be that again... Speak of the devil, look what's popped up on HN: https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my...
cyanydeez 5y ago
at this point, i dont know what buying means with all these other corrupt currencies. this could just be the proceeds from another successful pump and dump

22 points by andreygrehov 5y ago

>According to a very recent analysis by Ki Young Ju, a market analyst, a whale has bought $1.6 billion worth BTC via market orders in just five minutes. This is interesting as it implies 1.6B of fiat moved hands (unless it came from other tokens which I doubt), very hard to pull that off while avoiding KYC. I remark this as usually the 'whale' term implies some sort of anonymity as in "we only know a lot of tokens moved".

davidgerard 5y ago
It also doesn't say if it was dollars or a dollar-substitute token.
qeternity 5y ago
> This is interesting as it implies 1.6B of fiat moved hands (unless it came from other tokens which I doubt) No fiat, just Tether. It was most likely not one single actor, nor was it likely a bonafide purchase. This was meant to rip the market higher and liquidate shorts.
- xur17 5y ago
  > This was meant to rip the market higher and liquidate shorts. Seems to have worked.
- moralestapia 5y ago
  Awesome, thanks.
anonporridge 5y ago
Whale just means rich person who can make a big splash in the market, not that they are anonymous and avoiding KYC. Just because the general public doesn't know who it is, doesn't mean the exchanges used and regulatory agencies don't know who it is. KYC doesn't mean we the people get to know, just that government authorities get to know.
wut42 5y ago
>I remark this as usually the 'whale' term implies some sort of anonymity Does it ? Whale is commonly used in finance-related and casino-related subjects, where anonymity is nowhere to be found; and even in crypto anonymity is nowhere to be found, as yourself remarked, KYC is always needed as soon as you want to move crypto in/out of cash. The only anonymous part is that the common public doesn't know who that is.

DaiPlusPlus 5y ago

It could just be an institutional investor moving coins between wallets, couldn’t it?

qeternity 5y ago
No, these were market orders on an exchange.
- lvl100 5y ago
  What makes you think institutions do not execute market orders? They do it all the time especially in crypto. They do it to trigger buy orders.
  - snypher 5y ago
    They weren't saying it wasn't an institution making the market order. They were saying it was a public trade and not just a blockchain transaction. Edit; the actual analysis is here https://cryptoquant.com/quicktake/615dab839a9d40253e0e36ee-Someones-bought-up-16B-worth-BTC-via-market-orders-in-just-5-minutes https://cryptoquant.com/quicktake/615dab839a9d40253e0e36ee-S... but doesn't give much detail.
  - qeternity 5y ago
    Institutions in the typical context of the word do not do this. They don’t engage in manipulation of markets. Traders and exchanges do.

stevespang 5y ago

JP Morgan

headsoup 5y ago

Probably the Tether execs doing the old pump and dump to cash in before they face the subpoenas and the downward spiral of criminal reckoning... I doubt anything was 'bought,' probably more likely 'traded.'

anonporridge 5y ago
For this to be the case, it requires that there exists $1.6 billion in demand for Tether, right? Who are these people that are demanding and holding that much of something even the crypto community thinks is fishy and likely to collapse someday?
- headsoup 5y ago
  Tether in the past have created millions of tokens out of thin air, so could just be that again... Speak of the devil, look what's popped up on HN: https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my...

cyanydeez 5y ago

at this point, i dont know what buying means with all these other corrupt currencies. this could just be the proceeds from another successful pump and dump