Bitcoin whales start "cutting leek"? This person earns a low of one night and earns a net profit of 10 million US dollars.

On June 4, bitcoin prices fell below $8,000 for the first time in more than a week, and several large bitcoin transactions that occurred before the crash seemed to be the "black hand" of the decline.

Coinbase has a large-scale sell-off, and Bitcoin has fallen by $600.

According to data released by the Bitcoin trading platform Bitstamp on Tuesday, the exchange rate of Bitcoin against the US dollar suddenly fell by $500 in about 90 minutes.

Subsequent further losses led to Bitcoin's “bottom” of just under $7,800 before gaining support, and bitcoin prices have rebounded to around $7,900 at the time of publication.

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As the new bearish signals irritated analysts, some immediately attributed the blame to several large transactions that appeared to indicate that Bitcoin whales are trying to make extra profits.

According to online monitoring agency Whale Alert, a user transferred 25,000 bitcoins (about $215 million at the time) from the wallet to the Coinbase exchange just before the bitcoin price fell.

Later, as the bitcoin price fell below $8,000, the two transactions totaled 25,000 bitcoins and moved from Coinbase to two new wallets. According to Whale Alert, the owner of the fund, probably the same user, bought the money at a lower price after selling it at a high price, and the difference was in the bag – about $10 million.

Unsurprisingly, the response on cryptocurrency social media was not good, and users noticed the correlation between the deal and the market.

A Twitter user concluded: "Today's bitcoin crash is a man-made disaster."

Others dismissed the conspiracy theories and thought that this behavior was only the result of a free market. The "whale" is no doubt hoarding more bitcoins.

According to TokenGazer data, the BTC price dropped from $8,500 to $7,900 in the morning. The market has more interpretations of this, and the higher voice is from the Coinbase. However, according to their data, during the BTC decline period (UTC June 2, 2:00 – 4 pm), the number of sell orders on the Bitfinex exchange (20624) far exceeds the number of buy orders (15465), the number of sell orders for Coinbase ( 20698) less than the number of buy orders (23,896); Bitfinex's trading volume (13,443.42 BTC) approached Coinbase (14,235.12 BTC), and according to previous observations, Coinbase volume is about 1.5 times that of Bitfinex; at this point in time Bitfinex's biggest sell-off For 393.246BTC, Coinbase is 41.6454 BTC, Bitfinex sells a larger amount and is more intensive; based on the above data support, TokenGazer believes that the BTC decline, the big probability is caused by Bitfinex, not Coinbase.

Bitcoin address shows "big money" at work

This phenomenon is not new. Last month, on May 16, BTC also experienced similar fluctuations after several large transactions, but the total value of those transactions was around 12,000 BTC, which was relatively low.

Traders will also remember that in the volatility of the bankruptcy of the collapsed Mt. Gox exchange, a trustee sold a large amount of bitcoin and bitcoin cash in batches on the open market.

As bitcoin prices continue to rise from the bottom of $3,100 hit last December, such initiatives may continue to be commonplace.

As the news and research publication Diar pointed out, the situation of bitcoin holders has changed since the bear market was turned into a bull market in 2018. The main accumulation led to “big money” controlling more supplies.

Researchers wrote last week: "More than 26% of the circulation supply, or $36 billion in bitcoin, is now at an address with a balance of 1000-10k bitcoins."

In August 2018, bitcoin prices also reached $8,000. These "company-sized" addresses accounted for less than 20% of the circulation supply. In less than a year, this proportion rose sharply by nearly 7%. Market participants will now wait and see if bitcoin can rise from recent losses, as was the case with Bithumb before being hacked.

So far, the price of Bitcoin against the US dollar has achieved an overall increase of nearly 40% in the past 30 days.

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