I read the following article:
- Bitcoin surging higher after mystery trader buys $344mn in cryptocurrency, Russia Today, February 19, 2018.
Where could the man buy such a large amount of Bitcoin? On an exchange?
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2 Answers
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.
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.– gosutoFeb 21, 2018 at 7:43