Someone Just Bought 250,000 Bitcoin ($2.5 Billion)

coindesk-bpi-chart

A little after one a.m. on January 31, 2018, Bitcoin hit bottom at $9647. After that, some interesting things began to happen.  

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There’s a fun website called BitListen which displays, in real time, every bitcoin trade as a soap bubble.  In the middle of each BitListen bubble is the amount of bitcoin that was traded.  With each trade, there is also a sound, much like wind chimes.  The pitch of each sound is relative to the size of the trade. If you or anyone you know is not convinced that bitcoin is alive and well send them over to Bitlisten.com.

Last night, while President Trump was giving his State of the Union Address, some unusual trading started happening.  Bitcoin had been falling for the past few days and most precipitously today.  By evening it was below $10,000 and by 10:00 pm EDT was hovering around $9800. Suddenly, on the BitListen screen appeared the largest bubble I’d ever seen.  It took up a quarter of the screen and read BTC 6209.02 Bitcoin!  That is sixty million dollars.  This bubble appeared with a deep — BONGGGG.  Was this the big sell off or an entry point for a big investor? 

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A 6209.84 Bitcoin (US$60,856,432) trade appeared on bitlisten.com as Bitcoin fell to $9800 earlier in the evening.  

BTC 6209.84 Bitcoin is $60,848,200.  That’s an enormous trade.  More astonishingly, almost as soon as that huge bubble drift off the top of the screen than another bubble appeared with an equal value.

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Another $61M trade appeared on the screen. The amount of Bitcoin represented by the bubble is written in the middle (B 6208)

Another $61M was traded.  Remember, every trade has a buyer and a seller.  Or, in this case, buyer and sellers.

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Trade after trade continued to appear for the next sixty minutes.

Another trade of an equal amount happened.

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Notice that the amount of Bitcoin with each of these enormous trades is slightly less than the trade before it if you can call four Bitcoin “slightly less”.  

Then another. Screen Shot 5 2018-01-30 at 11.31.53 PM.png

 

Then another. Screen Shot 6 2018-01-30 at 11.36.08 PM.png

As of this writing, I counted 40 such trades in the course of 45 minutes for 6200 Bitcoin or about $60,000,000.

Screen Shot 7 2018-01-30 at 11.37.15 PM.png Screen Shot 8 2018-01-30 at 11.39.08 PM.png Screen Shot 9 2018-01-30 at 11.41.54 PM.png Screen Shot 10 2018-01-30 at 11.44.32 PM.png

Screen Shot 11 2018-01-30 at 11.45.40 PM.png Screen Shot 12 2018-01-30 at 11.48.53 PM.png Screen Shot 13 2018-01-30 at 11.50.56 PM.png Screen Shot 14 2018-01-30 at 11.52.58 PM.png

Screen Shot 15 2018-01-30 at 11.55.18 PM.png Screen Shot 16 2018-01-30 at 11.58.36 PM.png Screen Shot 17 2018-01-31 at 12.01.07 AM.png Screen Shot 18 2018-01-31 at 12.06.09 AM.png

Screen Shot 19 2018-01-31 at 12.08.16 AM.png Screen Shot 20 2018-01-31 at 12.10.14 AM.png Screen Shot 21 2018-01-31 at 12.12.45 AM.png Screen Shot 22 2018-01-31 at 12.14.39 AM.png

Screen Shot 22 2018-01-31 at 12.14.39 AM.png Screen Shot 23 2018-01-31 at 12.16.35 AM.png Screen Shot 24 2018-01-31 at 12.18.46 AM.png Screen Shot 25 2018-01-31 at 12.21.11 AM.png

Screen Shot 26 2018-01-31 at 12.22.45 AM.png Screen Shot 27 2018-01-31 at 12.24.43 AM.png Screen Shot 28 2018-01-31 at 12.27.14 AM.png Screen Shot 29 2018-01-31 at 12.30.43 AM.png

Screen Shot 30 2018-01-31 at 12.32.44 AM.png Screen Shot 31 2018-01-31 at 12.35.57 AM.png Screen Shot 32 2018-01-31 at 12.37.18 AM.png Screen Shot 33 2018-01-31 at 12.38.21 AM.png

Screen Shot 34 2018-01-31 at 12.42.43 AM.png Screen Shot 35 2018-01-31 at 12.44.50 AM.png Screen Shot 36 2018-01-31 at 12.47.06 AM.png Screen Shot 37 2018-01-31 at 12.48.43 AM.png

Screen Shot 38 2018-01-31 at 12.51.39 AM.png Screen Shot 39 2018-01-31 at 12.59.14 AM.png Screen Shot 40 2018-01-31 at 1.05.07 AM.png

That was roughly $2.49 billion dollars spent buying Bitcoin in $60 million increments. What are we seeing?  It looks like a large exchange or brokerage preparing to trade bitcoin by stocking up so they can have a supply at the ready.  Getting in at a bottom means they will also earn money on the appreciation as well as the fees for trading.

 

 

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