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Which whale purchased $1.6 Bn worth of Bitcoin?
Before diving in, those who don't know who whales are are individuals or entities that hold large amounts of bitcoin.
Who? According to CoinDesk, a buyer or a group of buyers entered an order on a centralized exchange to buy $1.6 billion worth of bitcoin in just 5 minutes. This led to Bitcoin prices to shoot up by 5% to $55,000.
Though the buyer's identity is still a secret, following the money movement points to the trade happening in Asia. There were three exchanges that saw large volumes of orders - Binance, Huobi and ByBit.
Another twist? Sources say that the transactions were done in the futures market, not the cash market, where they could have used leverage. The prices saw a change because both the futures and cash markets move simultaneously. They could trace that the most trading volume was from USDT.
While we don't know who bought the Bitcoins, we wanted to point out that markets are still nascent enough where whales can cause significant price fluctuations, even if they are anonymous.