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[aryan4]

South Korea sells whales on crypto exchanges, according to CryptoQuant data. Looking at the data, 100 million dollars of Bitcoin have been sent to Bithumb in the last three days. In addition, on 09.01.2021, it was reported that there were 2,098 Bitcoin entries on the Corbit exchange. What do you think could be the reason for selling on these exchanges?

 

[achawaskey]

I can't really say the reasons but whatever it is, its best known to them, maybe there are trying to fun one project or the other or better increase the amount of bitcoin in circulation.

 

[aryan4]

It seems really interesting to choose South Korean exchanges to make sales. The amounts of Bitcoin sent to these exchanges recently are really high.

 

[Niftyicon]

How much can this move impact the price of bitcoin? Hundred million is some huge funds and the btc moved is enough to move the market.

 

[aryan4]

Judging by the sales made, I think that the miner sales also had an effect on this decline. With the sales made, the market seems to be in a panic now.

 

[achawaskey]

Whatever reason they have in selling off there Bitcoin in exchange market, that's best known to them and I think it will not move the market because millions of dollars are exchanged with Bitcoin in a day.

 

[aryan4]

The fact that big fish eat little fish is always true. always
Whales sell it because they think there are a lot of fish to hunt around, I guess.

 

[BullyMaguire]

Now now.. we can see why the price is falling drastically. Ofcourse it's not just koreans but some other whales already sold their holdings too. Followed by panicking investors.

 

[sagefave]

I can imagine that the whales in south Korea have decided to cash out on their bitcoin because of the recent price increase, as they are well aware that if they let other whales start the selling before they do, the price of bitcoin will fall and their holding in bitcoin won't be worth as much unless they wait some more years.

 

[BullyMaguire]

I can imagine that the whales in south Korea have decided to cash out on their bitcoin because of the recent price increase, as they are well aware that if they let other whales start the selling before they do, the price of bitcoin will fall and their holding in bitcoin won't be worth as much unless they wait some more years.

Exactly, they wouldn't wanna be left behind and have to sell when the US whales are already selling because i think would make a bigger impact on the price.

 

[sagefave]

Exactly, they wouldn't wanna be left behind and have to sell when the US whales are already selling because i think would make a bigger impact on the price.

I have never really understood why the US whales seem to be more in the spotlight and relevant than other whales elsewhere in the world. The contribution to the growth of bitcoin is a global effort and no one nationality can claim monopoly. This is what I love most about cryptocurrencies.

 

[SCAMEXPOSER]

I have never really understood why the US whales seem to be more in the spotlight and relevant than other whales elsewhere in the world. The contribution to the growth of bitcoin is a global effort and no one nationality can claim monopoly. This is what I love most about cryptocurrencies.

Actually you may be right but most of the people that has bitcoin in large volume are From the US if you check the country market capitalization in Crypto currencies so that is why they are acting as directional.

 

[Niftyicon]

I have never really understood why the US whales seem to be more in the spotlight and relevant than other whales elsewhere in the world. The contribution to the growth of bitcoin is a global effort and no one nationality can claim monopoly. This is what I love most about cryptocurrencies.

Well, we could say that whales are in different categories and on varying levels. I am guessing those US whales are holding more btc than those in other places.

 

[sagefave]

Well, we could say that whales are in different categories and on varying levels. I am guessing those US whales are holding more btc than those in other places.

That basically means if they all hypothetically sold their bitcoin at the same time interval like say within three months, the price of bitcoin could plummet down and cause a panic dump?

 

[Rollerkid]

That basically means if they all hypothetically sold their bitcoin at the same time interval like say within three months, the price of bitcoin could plummet down and cause a panic dump?

Yeah, if care is not taken and most whales in different countries continue to dump like how the whales in Korea just did, it will surely affect the price of bitcoin negatively.

 

[BullyMaguire]

Actually you may be right but most of the people that has bitcoin in large volume are From the US if you check the country market capitalization in Crypto currencies so that is why they are acting as directional.

Exactly, that's why if they start dumping it will surely make the price fall even if not much.. other countries whales will follow aswell because they wouldn't want to suffer from the dumping.

 

[SCAMEXPOSER]

Exactly, that's why if they start dumping it will surely make the price fall even if not much.. other countries whales will follow aswell because they wouldn't want to suffer from the dumping.

Definitely , the whales are the back bone of the market their decision affect every body , they don't loose most times and they make huge gains.

 

[Rollerkid]

Definitely , the whales are the back bone of the market their decision affect every body , they don't loose most times and they make huge gains.

Yeah, that is true. When these whales have the feelings their other whales are dumping and price is becoming down, more come in to dump and when price is finally down, they buy again.

 

[Dora_WalletInvestor]

Is it possible that they simply just took profit?
Whales selling and panicked people following is a very typical pattern on most markets but I doubt Bitcoin will take such a big fall as now the price seems pretty "stable" between $33-38k.

 

[SCAMEXPOSER]

I hope the market is regaining it strength, I hope people who make major sales or dumping if bitcoin should hit $40,000 again.