Bitcoin Dump Saw Exchange Inflow Jump Over 1,000%, Whale Address Sells 2,700 Coins, F2pool Hawks 3,633 BTC

Bitcoin Dump Saw Exchange Inflow Jump Over 1,000%, Whale Address Sells 2,700 Coins, F2pool Hawks 3,633 BTC

On Sunday, February 21, the price of bitcoin touched a new all-time high (ATH) at $58,354 and at the time, inflow into exchanges spiked as well. According to data from the onchain analysis firm, Santiment, stats indicate that exchange inflow jumped 11x on Sunday and data also shows one whale address was responsible for the second-largest bitcoin transaction in 2021. Second-Largest Bitcoin Transaction and 11x the Exchange Flow Shakes the Crypto Market

Bitcoin prices jumping to new heights has sparked a lot of crypto market movement in recent months and even ancient UTXOs waking up after sleeping for over a decade. The last few days have been brutal as BTC prices slid around 20% after reaching the $58,354 ATH recorded on Sunday. Of course, market observers and onchain analysts saw things from a different perspective and the company Santiment tweeted about all the action on Tuesday. This whale address (which could be tied to the Gemini exchange) dumped 2,700 BTC on an exchange during the crypto market carnage.

“As we noted yesterday,” Santiment said. “There was an 11x exchange inflow spike that initiated bitcoin’s price correction from its $58.3k ATH. Further data combing revealed that an address was responsible for the 2nd largest BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off,” the researchers added.

Santiment continued: This same address also made a 2,000 BTC import last March right as the Black Thursday correction took place. In total, it made 73 transactions in its one-year existence, for a total of 91,935 BTC imported, with all tokens moving away within minutes after arrival. Whale Address May Belong to Gemini Exchange, F2pool Conspiracies

An analysis of the whale address shows the transaction of 2,700 BTC was sent with great privacy according to blockchair.com stats. The block explorers privacy meter indicates the rating was a 100 as the tool “shows whether your transaction is susceptible to some of the heuristics used by numerous transaction tracing tools.” The 2,700 BTC spend that also saw a 2,000 BTC spend on ‘Black Thursday’ also coincidentally follows the same pattern as the 2010 awakenings news.Bitcoin.com has been investigating. The above photograph from Santiment’s report called “How Bitcoin’s Exchange Inflow and Large Transactions Can Easily Signal Profit Taking Opportunities,” shows “how this spike looked from an Exchange Flow Balance (Inflow minus Outflow) perspective.”

One awakening of 1,000 BTC worth of 2010 block rewards was also mysteriously spent on March 11, 2020, the day before ‘Black Thursday.’ This continued throughout 2020 as multiple strings of 2010 block rewards were spent and there was also a large string spent on the anniversary of the Bitcoin network’s launch. One Russian blockchain researcher, Issak Shvarts told our newsdesk that the coins were sold to Coinbase.

The whale address Santiment caught has signs that the address may belong to the Gemini exchange, at least from data stemming from oxt.me. Santiment noted that exchange inflow was massive as the research team caught “59,915 BTC in a single hour, just as prices jumped over $58,300.”

“This was the largest spike in 16 weeks,” Santiment’s report details. “And for context, the 200-hour resting average was sitting at 5,032 BTC moved to exchanges per hour. This means this spike was 1,091% higher than the recent mean. This exchange inflow was assisted by the 2nd largest BTC transaction of 2021 to a large whale address, which instantly disposed of the funds,” the researchers added. WARNING WARNING WARNING…F2POOL OUTFLOW IS MASSIVE…DUMP INCOMING???

— CryptosRus (@CryptosR_Us) February 21, 2021

In addition to the second-largest transaction of the year, a myriad of market observers blamed the mining operation F2pool for the recent dump. Reports say that F2pool, which is the largest mining pool in terms of BTC hashrate, has been selling BTC like hotcakes.

Cityam.com’s resident trader dubbed ‘TMG’ said: “3,633 bitcoin in a single transaction out of their bitcoin mining wallet and right onto the exchanges.” Dumping accusations toward the mining pool with 15.1% of the hashrate (23.14 EH/s) are littered across social media in great number.

What do you think about the whale address theories and accusations directed at F2pool? Let us know what you think about this subject in the comments section below. Janet Yellen Warns Bitcoin Is "Extremely Inefficient" and "Highly Speculative" as BTC Price Plunges MARKETS AND PRICES | 2 days ago Bitcoin Slides Over 13%, Veteran Trader Peter Brandt Suggests BTC Will Peak at $200k but Hints of Possible Deep Corrections MARKETS AND PRICES | 2 days ago Tags in this story Bitcoin (BTC), Bitcoin Drop, Bitcoin Whales, BTC, BTC Dump, BTC Prices, BTC Whale, Coinbase, dump, Exchange Inflow, F2Pool, Gemini, Issak Shvarts, Market Drop, oxt.me, Santiment, Santiment report, sleeping bitcoins, TMG, whale, whale address, Whale BTC

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