A Bitcoin Wallet With 110,000 BTC In It Became Active After 4 Years - Any Correlation With The Recent Price Crash?
As I was looking over the markets this morning - following the recent Bitcoin price plunge - I stumbled upon an interesting investigation. A reddit user going by the name of sick_slick posted 3 days ago a story about a dormant Bitcoin wallet with 110,000 BTC in it that just became active during the last month.
For those interested in the full story, here's the link, but for those really impatient, here's the short version:
- the wallet became active about a month ago
- it started to send coins to multiple wallets, splitting them until any address had around 100 BTC in each
- a lot of tokens (about 15,000 BTC) were sent to Bitfinex and Binance
Now, there are many potential scenarios about this thing, but if the recent plunge in Bitcoin price was somehow the result of this wallet dumping at the market price, then I think we should expect more.
Thoughts?
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I also read the story and my opinion is that the drop is the mix of several factors. The BTC selloff could have been the catalyzer but probably other factors were added for such a huge drop.
It doesn't make sense that it would be related to the coins seized by the FBI because they wouldn't have any reason to split them into different wallets like that. It is alleged that they are related to the Silk Road controlled wallet/MtGox wallet because at one point they were closely related (according to one Reddit user).
What is known however is that whoever has the keys is an early adopter who had moved over 37,000 of those BTC into the wallet June 2011... Either they were some sort of vendor at Silk Road or they were a mega whale trader who had plenty of cash to burn in 2011.
The current holder of the coins sure isn't saying anything to identify themselves ahead of time either which is a little sketchy. If it was related to the MtGox repayments or "lost coins" they would have told their lawyers about it beforehand. By dumping coins onto the market they could be looking to reposition themselves lower since they could cause panic selling and trigger stop loss orders like a domino effect.
Somebody cleaned up the pile of old hard drives...
@dragosroua,
110,000 BTC means huge, so it could impact on current market price so powerfully! Hope that person will look forward STEEM this time! If that happens, we could see huge price fluctuation on it!
Cheers~
Must be Satoshi Nakamoto :D
x)
So ... it seems that my prophecy starts to become true? @dragosroua
Thanks for sharing this info that came viral these days. Regards and keep in touch. We'll assist maybe to some crazy shifts soon but the major thing is that steemit should be treaten as an investment for the Future.
Regards
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so the loads of selling of btc made the price lower ... btw the person having around 110,000 btc wtf he would do with that big much money ?? lmao ... even 10 btc is far enough for a normal person ...
10 BTC is only $70,000.
Who cares why the person has hodl the 110,000 BTC?
That guy is lucky to have his wallet active again with such amount of Bitcoin on it, maybe there was a massive sell out by him that leads to the plunge in Bitcoin price
If someone simply using their Bitcoin can cause this panic, then I'm not sure if we are anywhere near the bottom.
Today when I saw that the market bleeds remember that among your predictions was that in September this would happen. That bad.