Did A 25,160 BTC Transfer To Coinbase Contribute To The Recent Crypto Market Price Drop?

Did The 25,160 BTC Transfer On Coinbase Cause The Recent Market Plunge?

The last day saw Bitcoin losing over $20 Billion from its market cap and many analysts think that a whale account on Coinbase might be responsible to trigger it. Whale Alert, who keeps track of huge transactions in the crypto ecosystem broke the news.

The movement of approximately 0.14% of the current BTC circulating supply suggests to some observers that a bitcoin whale dumped their holdings, in order to spark a major sell-off. Many people on social media account are not too happy with this price manipulation, as a Reddit user comments:

“For all those saying that no one was complaining when a whale entering the market drove the price up. No shit, all boats rise in that situation. In the one we’re talking about here, only one group of people benefit whereas the vast majority are negatively impacted.”

How Was The Manipulation Done?

About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. Then, about an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet. Following that, in about 40 mins, a whale moved 11k BTC (worth $88M) from Coinbase to another wallet. 15 mins after that, a whale moved 10M USDT from one wallet to another.

It's easy to notice that someone dumped 25k BTC for $215M and bought it back shortly after for $200M. In doing so, they pocketed $15M and walked away with the same amount of BTC as they started with.

Following the sharp bitcoin price plunge, other major cryptocurrencies including ethereum, Ripple's XRP, litecoin, EOS, and bitcoin cash all fell with EOS leading the field lower, down over 10% on yesterday's price.

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to large holders moving significant volumes of bitcoin. However, whatever the whale does, as long as the general public does not freak out, markets should not be as volatile.

Similar events have happened in the past where a whale sell-off has resulted in a huge market plunge. In June 2017, one such incident led to Bitcoin falling from $2,960 to $1,904. Then in September of the same year, another whale sell-off resulted in a plunge from $4,607 to $3,667.

Looking at these events, we have to sympathize with Warren Buffet’s stance of him believing that Bitcoin is just a gambling device.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,639.5841 change ~ 3.58%

Coin Market Cap

$214.78 Billion

24 Hour Volume

$6.63 Billion

24 Hour VWAP

$11.46 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Sritanshu Sinha
Sritanshu Sinha
Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Will Emerge Stronger Out of the Ongoing Crisis: Congressman Tom Emmer

It is the fact that no one has centralized control over Bitcoin that makes it stand out in comparison to fiat currencies that are...

Coca-Cola to Utilize Baseline Protocol For Supply Chain Tracking with Exposure to DeFi

Coke One North America (CONA) has partnered with Provide and Unibright to streamline the supply chain of the largest coca-cola bottlers in the region...

USD-Pegged Cryptos & BTC Continue to Rise in Contradiction to the Falling US Dollar

The US dollar is not having a good start in the second half of 2020. The dollar index, which measures the greenback against a basket...

Coinbase Wallet Integrates Unstoppable Domains; Send Payments Via .Crypto Addresses

Coinbase Wallet, a service rendered by US based Coinbase crypto exchange is extending its support for Unstoppable Domains according to an announcement made by...

Mad Rush to BTC Coming Soon as Barstool Sports' Dave Portnoy Declares ‘I Want to Buy All the Bitcoins'

Dave Portnoy, the founder of Barstool Sports, has now turned his attention to Bitcoin as he said, "I want to buy all the bitcoins." Portnoy...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today