Let us first cover the elephant in the room: the Elon dump. Firstly, there were 19,259 BTC moved onto exchanges before Elon’s tweet and ensuing price dump. I do not think this is coincidence and was likely someone with insider information.
Elon’s tweet regarding the energy use of Bitcoin at 6:06PM EST initiated a cascade of long liquidations, including $208M within a 10-minute period. This cascade of liquidations is why the price dump down to $46,000 was so aggressive.
It’s very interesting to see inflows to exchanges (presumed selling) spike in the time before the tweet, followed by net outflows ramping up after the event. This data makes a strong case for someone having insider information. Would be quite a coincidence to say the least.
Read more at https://pomp.substack.com/p/what-happened-to-bitcoin-when-elon
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