Everyone loves a good conspiracy theory, and the cryptocurrency universe also happens to be one of mystery, intrigue, and shadows. There has been an enormous movement in Bitcoins and the Bitcoin forks from a large wallet. These had sat idle for nearly four years. Most fascinating is that they hold a billion American dollars in digital assets.
Who Just Moved $100 Million to Binance and Bitfinex From the Wallet?
The story only gets better. There is a journalist in the crypto-verse who calls himself “the Redditor.” He has famously followed the mysterious digital assets’ wallet. It holds more than $1 billion American dollars’ worth of Bitcoin, Bitcoin Cash, and the various forks. The Redditor believes that the mystery wallet is owned by the now disbanded Silk Road. This dark web market has been quiet for nearly four years since U.S. authorities shut it down.
The Redditor notes that $100 million in cryptocurrency coins have migrated from this inactive (since year 2014) wallet. They have not gone to another individual or entity. The cryptocurrency coins landed in Binance and Bitfinex. The Redditor believes this surge in lost coins on the market has somehow driven BTC prices higher recently. The coins did exist in the 111,114 strong Bitcoin wallet. The Redditor came up with a graphical system to follow any movement of coins from this massive, idle wallet.
Using his graph that shows coins transferring into and out it, the Redditor has reached a stunning conclusion. Minimally 15,593 BTC coming from the huge 111,114 BTC wallet migrated to the Binance and Bitfinex wallets. This amounts to 14% of the original holdings. There have been other transfers too, some very mysterious. On six different occasions, around 210 BTC have moved from the mega wallet to Bitmex.
How can they be moving higher?
The Redittor then comes to a very interesting conclusion about the future of Bitcoin prices in coming weeks. How can they be moving higher? Someone is preparing to “dump” a massive number of BTC and BCH on the largest cryptocurrency exchange Binance. The Malta-based exchange can handle the volume easily. Supply and demand laws warn the price of Bitcoin will have to drop. If supply increases massively when demand is tepid at best, then investors better steel themselves for a severe selloff.
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