Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Who Bought $1.6B in Bitcoin Wednesday, and Why?
Yahoo Finance ^ | 10 October 2021 | Lawrence Lewitinn

Posted on 10/10/2021 5:35:06 PM PDT by MeneMeneTekelUpharsin

Like a toddler in a car seat on a long drive, last week the cryptocurrency market persistently asked the gnawing and annoying question, “Why?”

Specifically, why did someone make a massive purchase of $1.6 billion worth of bitcoin on Wednesday in a couple of minutes? While many see this huge buy as a signal of bullishness, there may be more complex answers when one zooms out and looks at the overall picture, one that involves capital markets beyond the relatively small world of crypto.

Some of the clues about why – and who – may be found in what, where, when and how this enormous bitcoin trade happened. As CoinDesk’s Muyao Shen reported Wednesday, a buyer or a group of buyers entered an order on a centralized exchange to buy $1.6 billion worth of bitcoin. That’s not nothing – to put it in perspective, that’s roughly 4.5% of the average daily volume in the bitcoin spot market over the past two months.

That much supply hitting the market in under five minutes (13:11 to 13:16 UTC Wednesday) is a lot to jam into any one exchange (or three). It almost immediately sent bitcoin prices skyrocketing 5% to roughly $55,500.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; Miscellaneous; News/Current Events
KEYWORDS: 16billion; bitcoin; breaking; markets; purchase
Navigation: use the links below to view more comments.
first 1-2021-27 next last
This is a signficant financial news story the U.S. media is not discussing (because of incompetence).
1 posted on 10/10/2021 5:35:06 PM PDT by MeneMeneTekelUpharsin
[ Post Reply | Private Reply | View Replies]

To: MeneMeneTekelUpharsin

How so? That’s barely a drop in any other market.


2 posted on 10/10/2021 5:38:56 PM PDT by Mean Daddy (Every time Hillary lies, a demon gets its wings. - Windflier)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MeneMeneTekelUpharsin

10% for the big guy?


3 posted on 10/10/2021 5:40:57 PM PDT by broken_clock (Go Trump! Still praying.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: algore; aMorePerfectUnion; amorphous; Andyman; ARGLOCKGUY; abishai; battletank; ...

Pinging the Mysterious FR Crypto List!

Which one of you made this buy??


4 posted on 10/10/2021 5:44:48 PM PDT by aMorePerfectUnion (Fraud vitiates everything ᡕᠵ᠊ᡃ࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏⁻ )
[ Post Reply | Private Reply | To 1 | View Replies]

To: MeneMeneTekelUpharsin

Chinese big-wigs are fleeing China to Russia or such and need to take their money with them.


5 posted on 10/10/2021 5:45:51 PM PDT by struggle
[ Post Reply | Private Reply | To 1 | View Replies]

To: MeneMeneTekelUpharsin

Oh sorry 😐.

I had an extra 1.6 billion just laying around.

I traded the coins in my pocket for some cash.


6 posted on 10/10/2021 5:46:48 PM PDT by SaveFerris (The Lord, The Christ and The Messiah: Jesus Christ of Nazareth - http://www.BiblicalJesusChrist.Com/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: aMorePerfectUnion

I cannot confirm, nor deny.

I do wonder what would happen if someone sold 1.6bn at a time with low liquidity, like they do with silver.

Someone will make huge (Etf) profits from doing this, I guarantee it.


7 posted on 10/10/2021 5:49:02 PM PDT by algore ( )
[ Post Reply | Private Reply | To 4 | View Replies]

To: aMorePerfectUnion
I was the seller.
8 posted on 10/10/2021 5:58:52 PM PDT by palmer (Democracy Dies Six Ways from Sunday)
[ Post Reply | Private Reply | To 4 | View Replies]

To: MeneMeneTekelUpharsin

I see it as a huge sign of money laundering…


9 posted on 10/10/2021 6:08:02 PM PDT by BlackAdderess (Welcome to the libertarian fire sale, here’s your accordion)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MeneMeneTekelUpharsin

.... Many moons ago, when Bitcoin was just approaching $1000, my son won 12 bitcoin on a bet when he was deployed in the sandbox .... Still has them ...... Sheesh


10 posted on 10/10/2021 6:08:40 PM PDT by R_Kangel ("A nation of sheep will beget a nation ruled by wolves")
[ Post Reply | Private Reply | To 1 | View Replies]

To: BlackAdderess

Possibly.

Or you may just view the world like the IRS does.


11 posted on 10/10/2021 6:09:47 PM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: MeneMeneTekelUpharsin

Jack Ma (Alibaba Founder) leaving? He was missing then showed up in Hong Kong ... maybe he just needed Hong Kong to do this transaction.

https://www.youtube.com/watch?v=AgxGxQ5tZLU


12 posted on 10/10/2021 6:14:44 PM PDT by dila813
[ Post Reply | Private Reply | To 1 | View Replies]

To: BlackAdderess

Tether was implicated several years ago in the rapid spike in Bitcoin to $20,000/btc. In this case they were accused of claiming their Tether currency was actually backed by real dollars to maintain their peg value when it was just bookkeeping shennanigans. The DOJ is currently investigating this past fraud.

If people can launder dirty money with unsecured Tether transactions they can then use this as as tender to buy the much more liquid and “clean” bitcoin. This shifts the unsupported Tether peg risk to the rest of the world’s bitcoin “legitimate” exchanges when the buyers then start to sell.

Anyone who gets involved with Bitcoin is a lesser fool looking for a bigger fool to bail them out.


13 posted on 10/10/2021 6:20:44 PM PDT by Dave Wright
[ Post Reply | Private Reply | To 9 | View Replies]

To: palmer

Congrats palmer!!!👊🏼😊


14 posted on 10/10/2021 6:21:25 PM PDT by aMorePerfectUnion (Fraud vitiates everything ᡕᠵ᠊ᡃ࡚ࠢ࠘ ⸝່ࠡࠣ᠊߯᠆ࠣ࠘ᡁࠣ࠘᠊᠊ࠢ࠘𐡏⁻ )
[ Post Reply | Private Reply | To 8 | View Replies]

To: aMorePerfectUnion

Uhh


15 posted on 10/10/2021 6:31:36 PM PDT by Database
[ Post Reply | Private Reply | To 4 | View Replies]

To: aMorePerfectUnion

I think Venezuela made the buy.


16 posted on 10/10/2021 6:38:21 PM PDT by Kevmo (I’m immune from Covid since I don’t watch TV.🤗)
[ Post Reply | Private Reply | To 4 | View Replies]

To: palmer

The next FReepathon is on you!


17 posted on 10/10/2021 6:48:32 PM PDT by Ken H (Trump won.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: MeneMeneTekelUpharsin

Biden. He wants to buy 700 of them and melt them down to make the trillion dollar coin.


18 posted on 10/10/2021 6:48:44 PM PDT by x
[ Post Reply | Private Reply | To 1 | View Replies]

To: palmer

I am Spartacus.


19 posted on 10/10/2021 6:51:06 PM PDT by E. Pluribus Unum ("Communism is not love. Communism is a hammer which we use to crush the enemy." ― Mao Zedong)
[ Post Reply | Private Reply | To 8 | View Replies]

To: MeneMeneTekelUpharsin

Obummer?


20 posted on 10/10/2021 6:53:14 PM PDT by deweyfrank (Nobody's Perfect )
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-27 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson