Bitcoin (BTC) lost 20% in one day in part due to the actions of a single whale, according to new research.
Data from analysis firm Santiment on February 23 showed that the BTC / USD rate fell to $ 47,400 after the second largest Bitcoin transaction took place in 2021.
Bitcoin ghost sells previous profits
The 2,700 BTC deal, valued between $ 156.6 million and $ 58,000 per token, resulted in a sale that pushed the market, this snowball into the largest hourly light in Bitcoin history.
“As we noted yesterday, it was the supplied girl who had grown 11 times who started the Bitcoin price correction # from $ 58.3000,” Sentiment wrote in an accompanying Twitter comment.
“Additional data processing revealed that the address was responsible for the second largest BTC dollar transaction this year, which was the import of 2,700 tokens into the wallet before the quick sale.”
The results highlight what happened when volatility overtook Bitcoin, which had managed to recover to $ 54,000 before trading at less than $ 50,000 again at the time of writing.
Some believe the market has expanded excessively, and especially those who are not having sex argued that the bubble-like process began long ago. Others have argued that this is just “business as usual” for trading cryptocurrencies, but according to the Cointelegraph report, concerns about unusual flows into the stock market have intensified.
Sentiment indicated that the title itself was sold shortly before the asset price crash in March 2020. At that time, Bitcoin had lost nearly 60% of its value, reaching $ 3,600.
“The same address also imported $ 2,000 worth of Bitcoin in March of last year when the Black Thursday correction happened,” the company said.
“In just one year of existence, 73 transactions were made, totaling $ 91,935 of imported BTC, with all tokens removed within minutes of arrival.”
Keith in the spotlight
The suspicion has always been about whales profiting from small wallets that were sold during the previous price drop during Bitcoin’s latest rally. According to a Cointelegraph report, the number of wallets has increased the size of whales and the number of smallholders has decreased.
The side-by-side fun tells you how the bitcoin investor profile is developing – whales have been snapped up as the price has risen in the last round; This time, a new group of whales continued to emerge, and shrimp weak hands were sold off prematurely, ”primitive co-founder Davey Wang tweeted last week with a chart comparing the bull races of 2017 and 2021.
She added, “The big gears.”
Meanwhile, some of the survey responses indicated that the portfolio in question was responsible for a fraction of the total trading volume, and therefore its impact should be limited.
Siniment replied: “We don’t think the title itself causes the world’s largest digital currency to be priced, so we definitely don’t want you to believe that.”
Was this targeted activity a contributing factor? Yeah”.