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?
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.
Another $61M was traded. Remember, every trade has a buyer and a seller. Or, in this case, buyer and sellers.
Another trade of an equal amount happened.
As of this writing, I counted 40 such trades in the course of 45 minutes for 6200 Bitcoin or about $60,000,000.
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.