So what is really happening here?
Over the last few weeks we have witnessed record falls in the price of bitcoin, Ethereum, XRP and across the wider cryptocurrency market of more than 40% in a matter of weeks.
As some entertaining background, well at least to those not too heavily invested in this particular market, we also have a few naysayers pointing to the recent Whale Alerts and negatively interpreting them - with little or no concrete evidence - as significant harbingers of doom for crypto’ s.
In case you’re not familiar - and if you’re into your Crypto’s then you really should be - there is a Twitter account that goes by the handle of Whale Alert. ( @ whale_alert )
Whale Alert was created with the sole raison d’etre to give keen and interested parties live up-to-the-minute tracking of some of the largest and most ‘influential’ crypto transactions from and to exchanges primarily, but not exclusively, across Bitcoin, Ethereum, Ripple, Tether, EOS and Lumens token platforms.
Over the last twenty four hours quite a stir has been created by consecutive alerts indicating that exceptionally large amounts of BTC have been on the move.
Of great significance is that these specific transactions have been undertaken by wallets that have been ‘dormant’ for several years.
Of even greater significance is the amounts involved: the first mover was from the 9th ‘wealthiest’ Bitcoin account clearing out over $263 million worth; the second, just one hour later was the 10th ranked wallet transferring out $262 million worth; then the 11th ranked transferring $260 million.
This was followed shortly after by two other high accumulation wallets, ranked 30th and 36th, moving $130 million and $122 million respectively.
Some observers have credited these ‘coincidental’ transfers as no more than deposits being moved from long-term storage legacy address wallets to segwit addresses as an additional security measure by the holders ahead of widely heralded Coinbase in-house maintenance procedures.
Meanwhile quietly in the background we have active stealth whales slowly hoovering up the likes of Bitcoin and Ethereum as their price decreases.
So is this all a fuss about nothing? The winter panic blues setting in early for some? Or is there some very shrewd smoke and mirrors cross-dealing going on here? What do you think?