Massive bitcoin transactions, but few explanations

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="At midday yesterday, whales moved around 77,000 BTC—worth a whopping $780 million —into three unknown wallets. To put that into perspective, that’s around 0.43% of all circulating supply.&nbsp;” data-reactid=”19″>At midday yesterday, whales moved around 77,000 BTC—worth a whopping $780 million —into three unknown wallets. To put that into perspective, that’s around 0.43% of all circulating supply. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Then things get even stranger: a day later, someone moved 484,775,570 XRP, worth about $133 million.&nbsp;” data-reactid=”20″>Then things get even stranger: a day later, someone moved 484,775,570 XRP, worth about $133 million. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Needless to say, speculation about the big moves is raging across the twittersphere. Some pundits believe the transactions are related to the alleged Chinese Ponzi scheme PlusToken— which was accused of scamming users out of $3 billion. The idea here is that bad guys are liquidating their ill-gotten gains.&nbsp; Others say these moves are likely made by the usual suspects— whales— just ahead of what all the chart watchers absolutely swear will be a breakout. That’s right: The market is ready to go way up! Or maybe it’ll go way down. Then again, maybe it’s nothing more than exchanges moving things around.” data-reactid=”21″>Needless to say, speculation about the big moves is raging across the twittersphere. Some pundits believe the transactions are related to the alleged Chinese Ponzi scheme PlusToken— which was accused of scamming users out of $3 billion. The idea here is that bad guys are liquidating their ill-gotten gains.  Others say these moves are likely made by the usual suspects— whales— just ahead of what all the chart watchers absolutely swear will be a breakout. That’s right: The market is ready to go way up! Or maybe it’ll go way down. Then again, maybe it’s nothing more than exchanges moving things around.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The news initially came from https://whale-alert.io/, a website that puts out alerts on its Twitter feed whenever someone makes a sizeable transaction between wallets.” data-reactid=”22″>The news initially came from https://whale-alert.io/, a website that puts out alerts on its Twitter feed whenever someone makes a sizeable transaction between wallets.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The two largest Bitcoin transactions–one for 33,705.87785594 BTC and another for 36,469.17934377 BTC–went to separate wallets, but took place within 30 minutes of each other.&nbsp;” data-reactid=”23″>The two largest Bitcoin transactions–one for 33,705.87785594 BTC and another for 36,469.17934377 BTC–went to separate wallets, but took place within 30 minutes of each other. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Bitcoin market felt the vibrations instantly. About an hour after the transaction, the price of BTC rose by about $400 to a high of $10,442.44. A day later, it started to sink like a stone, now at $9,982.30.” data-reactid=”24″>The Bitcoin market felt the vibrations instantly. About an hour after the transaction, the price of BTC rose by about $400 to a high of $10,442.44. A day later, it started to sink like a stone, now at $9,982.30.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="&nbsp;The BTC move might have bumped up the price of Ripple. In the hours following the BTC move, the price of XRP rose from $0.267527 to $0.277568.&nbsp;” data-reactid=”25″> The BTC move might have bumped up the price of Ripple. In the hours following the BTC move, the price of XRP rose from $0.267527 to $0.277568. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="One Ripple whale snatched the opportunity to make its move of 84,775,570 XRP, worth $133,366,660.&nbsp;” data-reactid=”26″>One Ripple whale snatched the opportunity to make its move of 84,775,570 XRP, worth $133,366,660. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="@Kemkem, a keen whale watcher, claims that the Ripple address belongs to the masterminds behind the PlusToken Ponzi scheme, which is quickly dumping hundreds of millions of stolen funds on the market. Indeed, a search for the address brings up Chinese language forums encouraging users to donate to the token. So who knows?” data-reactid=”27″>@Kemkem, a keen whale watcher, claims that the Ripple address belongs to the masterminds behind the PlusToken Ponzi scheme, which is quickly dumping hundreds of millions of stolen funds on the market. Indeed, a search for the address brings up Chinese language forums encouraging users to donate to the token. So who knows?

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="But anyone waggling a finger at PlusToken really ought to hold off for now. Earlier this week, Whale Alert picked up another huge transaction, of&nbsp; 97,750,354 VERI worth some $774 million). Turns out it likely wasn’t anything interesting: The Whale Alert twitter account said that the coin, Veritaseum,&nbsp; is a low-volume coin. VeritaseItsum’s market cap currently hovers around $15 million. “It is likely that the devs moved or unlocked the locked supply of the coin (total supply 100,000,000),” tweeted Whale Alert.” data-reactid=”28″>But anyone waggling a finger at PlusToken really ought to hold off for now. Earlier this week, Whale Alert picked up another huge transaction, of  97,750,354 VERI worth some $774 million). Turns out it likely wasn’t anything interesting: The Whale Alert twitter account said that the coin, Veritaseum,  is a low-volume coin. VeritaseItsum’s market cap currently hovers around $15 million. “It is likely that the devs moved or unlocked the locked supply of the coin (total supply 100,000,000),” tweeted Whale Alert.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For now, speculation remains utter speculation.” data-reactid=”29″>For now, speculation remains utter speculation.