I read the following article:

Where could the man buy such a large amount of Bitcoin? On an exchange?


Such amounts will not be bought in a single transaction. Instead buying them will be spread out across different exchanges and different periods of time. If this is not done such a transaction would buy up the whole sell order book of an exchange and would run up the price through the roof.

A total of 34k bitcoins is about 3.6% of the volume of the bitcoin market in the last 24 hours. Your Russian friend is a whale by any definition for sure, but 34k bitcoin is not an impossible amount to buy.

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Definitely from Mining pools, because it's the source of newly generated coins. or maybe from the markets if he offered good price everyone gonna sell that buyer.

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  • Mining pools will mostly use exchanges to facilitate their selling of newly generated coins. It does not really matter whether the coins come from miners or elsewhere. – jorijnsmit Feb 21 '18 at 7:43

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