The data show that the $ 1,000,000,000 Bitcoin move triggered the sale of crypto.
Blockchain data expert Willy Woo says the latest market correction in Bitcoin is related to the movement of $ 1.1 billion of BTC on the Gemini crypto exchange.
In a new tweet, Woo explained that Glassnode’s transactions involving billions of dollars worth of BTC are internal, saying the funds are already in Gemini’s wallets.
“The markets went on sale because of fake data that said that $ 1 billion of BTC was flowing to Gemini. This is the second time in the last 30 days. ”
The data in question came from Bitcoin stock flow monitor Crypto Quant, who warned followers that 19,108 BTC worth $ 1.1 billion was flowing to Gemini.
Woo points out several reasons that Crypto Quant’s warning could be inaccurate.
“[Crypto Quant] data bug controversy. Did a whale send 18,000 BTC to Gemini to clear the markets? Or was it a data error? This alert was sent to 28,300 tradera who issued a whale-evacuation alert. The speculators sold it minutes later. ”
The analyst emphasizes that Gemini is not big enough to handle $ 1 billion in Bitcoin orders, and points out that the exchange typically only handles around $ 100 million to $ 200 million per day. Woo also says that BTC’s performance in Gemini after the warning is issued supports the theory that the Bitcoin in question should not be sold.
Woo adds that the transfer is unlikely to be an over-the-counter (OTC) transaction.