Anonymous trader buys $400 million in bitcoin https://www.marketwatch.com/story/anonymous-trader-buys-400-million-of-bitcoin-2018-02-16 Go big or go home. That’s the motto of one mysterious investor who put his chips on the table, buying close to $400 million of the No.1 digital currency, bitcoin. The purchase comes as cryptocurrencies are making a comeback after a dreadful start to 2018. Major digital currencies lost as much as 50% to start the year as growing regulation and security fears crippled the market, seeing traders bail on their positions. However, the tide has turned. The price of bitcoin BTCUSD, -6.35% has increased more than 60% since trading under $6,000 on February 6, pushing back above $10,000, helped by signs of growing recognition of digital currencies from officials in Washington. “Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the U.S. and Asia,” Alex Sunnarborg, Founding Partner of Tetras Capital said. The unknown trader with the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased the coins between Feb. 9 and Feb. 12, taking his bitcoin balance from 55,000 coins to more than 96,000. The transaction, which was blasted all over social media and online chat forums emboldened bulls who had argued that $6,000 was a bottom. “In the meantime, the $400 million whale is fuel for the Telegram channels where traders lay out their conspiracy theories,” said Jeff Koyen, president of 360 Blockchain USA. “However, I am willing to believe that, seeing bitcoin bottom around $6,000, Wall Street smelled blood and jumped back in,” he said. With bitcoin back above $10,000, the owner of the address is closing is on the bitcoin billionaires club.
It is called dollar cost averaging down. The same address bought 40K BTCs back in mid-December when price was the HIGHEST. The current purchase average was around 8K. https://bitinfocharts.com/bitcoin/address/3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 The cost was 16+K back then (Dec 13th mostly), the moron basically bought the very top. Ain't anonymous banking great, where everyone can see the balance of your wallet? So the address' cost average is around 12K, if you do the math he is underwater 96K times (12K-current price).
As much as this is a positive for bitcoin (to have a deep-pocketed buyer spending this much), the reddit threads I've seen explaining the scenario shows it's inconclusive whether this was indeed a straight buy. Most likely a whale (i.e. exchange) consolidating big sums of bitcoins to a multisig address. A billionaire buying in would most likely use the available services that utilize a pre-agreed block sale outside of an exchange so the market price is not affected, imo.
Anonymous trader buys $400 million in bitcoin ??!? seems like Kamikazae trader buys $400 million in bitcoin They should have bought it about 2 weeks ago. waiting for the planets to be perfectly aligned before entry is not a good idea.
6th is stupidity. What was incorrect about what I said? In 2017 there were about 13 days when price was above 16K, yet the guy managed to buy at that price 40K BTCs. Never buy into a vertical price chart. The first rule of investing.... If I had 400 mill to invest in cryptos, I would pay a price expert like myself who predicted both the top at 19K and the bottom at 6K.
You predicted that, Pekelo...you have good timing abilities...so are you like...rich or something, I hope to be like you one day so I could afford a Ferrari and move out of my parent's house. I only predicted the top, for the bottom ...I would have held till 8K'ish...and only assume a real reversal at 10K. But this is not my game, -- my area of expertise is predicting/managing the daily SPY/SPX/DOW/ES,...its main macro move(s) option plutonium ET nuclear Pekelo 2018