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    Whales buy bitcoin in preparation for the growth of the crypto market, analysis of large transactions

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    By on News, Price Analisys

    Last night, the largest transactions in the blockcoin of Bitcoin suddenly began: Twitter-bot Whale Alert recorded transfers of BTC worth several billion dollars.

    Are whales getting ready for bitcoin takeoff?

    It all started with a transaction at 49,756 BTC, at that time this amount was $ 468.5 million. The transaction took place between two unidentified wallets . This event immediately caused concern among cryptocurrency investors, because the transfer of such an amount can either inflate the quotes or bring them down, depending on the goal.

    However, further the situation began to develop rapidly: in two hours another transaction with 47 357 BTC ($ 448.5 million) passed. It was transferred to 47,465 BTC ($ 451 million) and immediately after that – to 47,404 BTC ($ 450.5 million). After that, there was another transaction at 47,454 BTC ($ 451 million).

    All these transfers were made between unidentified wallets, however, it is obvious that we are talking about the same amount. As a result, the daily turnover between these players exceeded $ 2 billion. What was it? Let's see.

    The first thing that comes to mind in such cases is one of the largest stock exchanges moving its own funds. However, the sites always report this to prevent panic among investors. At this time, no site has claimed responsibility for the transaction, and the translation mechanics do not agree with this scenario: the meaning of the implementation of five transactions is not particularly visible.

    Whale Alert subscribers push their theories. The most logical of them is a direct deal between two whales. If you believe this theory, someone decided to buy Bitcoin almost half a billion – this is 1/4 of the state of Satoshi Nakamoto himself. This theory is especially relevant now, when Bitcoin is below the $ 10,000 mark: if someone is purchased in such volumes at the bottoms, he should have a clear idea of the further growth of Bitcoin.

    On Twitter, people put forward some more theories that look less convincing. Someone suggested that Bitcoins could buy Bakkt , preparing to launch. Doubts are caused by the fact of the need for such a sum for the platform, as well as by the presence of such a cache size. The second theory is the purchase by the Iranian government after the legalization of mining. Given that Iran already has its Paymon cryptocurrency , this theory also raises doubts.

    How will this affect the Bitcoin rate?

    Unlike transactions on stock exchanges that can instantly affect the price of Bitcoin, transactions between unidentified wallets do not have this effect. The reason is that Bitcoins, in fact, simply migrated from one owner to another, and did not enter the market or left it.

    However, this event may mean that something really big is being prepared on the cryptocurrency market. Few people can afford BTC for $ 0.5 billion, and this whale clearly has some insights about the future of cryptocurrency .

    However, being an insider is completely unnecessary in order to understand the prospects for Bitcoin in the medium term: the early launch of Bakkt, the exit of Facebook and Telegram cryptocurrencies , and the smooth development of the industry itself will inevitably lead to an increase in quotations.

    However, one conclusion from this transaction can still be made: below the current levels, Bitcoin is hardly likely to fall, since the whale opened such a position. At the moment, Bitcoin is stuck at around $ 9,500 – one of the lowest points in the last month. Ordinary investors have already begun to prepare for a new bearish cycle, but soon the situation may change radically. We will follow the development of events and wait: perhaps the path of these bitcoins is not over yet?

    Publication date 07/31/2019
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