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.
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