Bear Whale is not a magnificent beast.
By Kevin Roose
Bitcoin enthusiasts love a good conspiracy theory. So this weekend, when the blockchain (Bitcoin’s built-in ledger system) showed that a single Bitcoin collector was trying to sell 30,000 Bitcoin all at once at a price of $300 per coin (or $9 million in total), the cryptocurrency’s fan base started digging for answers.
A sell order that big meant that someone with a lot of Bitcoin was trying to sell down his or her holdings, fast. “Been in bitcoin a long time and this has got to be the most bizarre thing I’ve seen,” one posterwrote. Pretty soon, the anonymous trader had a nickname: “BearWhale,” an homage to JPMorgan Chase’s notorious London Whale.
Nobody knows why BearWhale, whoever he/she/they is/are, is so eager to sell. But this was no casual maneuver. The huge sell order, which was placed through a Bitcoin exchange called Bitstamp…
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