The 26 of April, The Block and Julio Moreno alerted people of a possible massive bitcoin sellout from the main US wallet holding the hack funds for Silk Road holding $1.9 billions worth of BTC. Turns out, the tweet causing these stories was due to an Arkham alert from a movement directed to this wallet.

It was later reported as a bug.

But, true or not, BTC price had crashed, and people did react to these news.

• These analysis, per the challenge request, will focus on the previous 24 hours of the challenge posting.

"Dramatically crashed"

Is what The Block called BTC's price fall during April 26. What it had been a few days of price surging, quickly lost its ground during the span of a few hours.

This movement was enough to trigger a series of panic news, bugged signals and news platform reporting on this massive movement.

It quickly regained the floor it had previously the flash crash.

⚠️ Thanks to a huge network of the latest technology in bot arbitrage, we can follow, relatively closely, BTC's price with its synthetic counterpart WBTC.

⚠️ This data will mostly be around those transfers with a value of more than 100k USD. These users will be the Whales 🐋 of this report.

⚠️ Hold it right there

This is what it would look like if we would only look for transfers at CEX wallets. But some of these are coming from others CEXs, and a few even from the same CEX. So, a quick adjustment is needed

Now we cooking

• But, not really much happened with WBTC, as expected after all, being a BTC synthetic there is already a degree of distance from BTC's flow news and its movements.

Few notes before continuing:

• More than half the WBTC transferred was made in only one transaction on what may have very well funded some sellout rumors.
• Few addresses preferred to send their funds in batches instead of the same transactions. And these different transactions have similar volumes.
• For the top transfers, Binance was the choice.
• Event after the BTC selling news were out, there wasn't too much volume

Now ETH, it did move

• Biggest transfer was during the dawn of the 26 (UTC time at least).
• And few more big ones were after those initial sellout claims.
• Even if the minimum bar started from 100k in USD volume the amount of transactions above reach up to 609 transactions.

Now concerning ETH whales:

• At least 4 whale transfers came from Dexs towards Cexs.
• Almost all the volume towards Kraken came from the biggest transfer recorded, with almost 150 Millions in USD volume.
• Is noteworthy that Binance was the preferred destination for WBTC, but for ETH, Coinbase is the preferred destination.
• Most of the biggest transfers were done in single transactions.
• At least one transaction came directly from the Arbitrum Bridge towards Kraken.
• Not all the transfers by the same user were done to the same CEX, a few users sent deposits to different CEXs, for example, the user 0x0a4f...088b9 sent two transfers to Kraken, and one to Bitstamp.
  • Some users even sent to up to four CEXs.

• First of all, if it was, they weren't labeled as the rest of the wallets inside the database. So, unless the movements were from undisclosed wallets, it looks like a "sell the news escenario".

• Considering that the biggest WBTC selling was hours apart from the ETH biggest one, it doesn't seem like a cascade event.

  • Tho we must remember the degree of distance with WBTC and actual BTC.

• Based on the data reviewed, there is no proof of movement coming from the "Institutions" or the US. Goverment.