Understanding the Bearwhale Phenomenon
A bearwhale is an individual who holds a substantial amount of cryptocurrencies and strategically uses their large account to drive down prices and make a profit.
In 2014, a trader gained the nickname “BearWhale” for their actions. This trader was a Bitcoin collector who attempted to sell a massive 30,000 Bitcoin all at once, with each coin priced at $300. This amounted to a total value of $9 million. The reasons behind this significant sell-off were unclear, leaving many puzzled about the trader’s intentions to part with their digital currency.
However, this large sell order was executed through Bitstamp, a popular Bitcoin exchange platform. The sheer size of the transaction had a profound impact on the Bitcoin markets, causing a temporary disruption. The influx of 30,000 coins being sold created a significant barrier, resulting in the price of Bitcoin remaining stagnant at $300 for several hours.
Author
Other Posts
News
FTX Creditors Can Receive Up To 142% Of Claim Amount With New Reorganization Plan
Press Releases
Fetch.ai (FET) Price: Consolidation Amidst Bearish Sentiment and Competition
Other Reviews
Fluence Review: The New Generation DePIN Computing Platform of the Internet
News
90% Of Stablecoin Transaction Volumes Have No Participation From Real Users
News
Address Error Results in $68 Million WBTC Loss, Victim Falls to Phishing Scam
Knowledge
