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.
“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.
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.
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…