If you ever needed more proof that most crypto traders simply follow the herd rather than making their own decisions, this latest Bitcoin buy order will give you all the proof you needed. A buy order for a whopping 661 Bitcoin placed on Bitfinex caused positive market movement around the crypto world. In the 24 hours following the buy order, Ethereum turned out the big winner, up more than 11%.
HitBTC Filling Up?
The trader behind the massive buy order hasn’t been recognized by the wider crypto community and people are beginning to throw in their two cents on the matter. One plausible theory is that it could well have been HitBTC filling up their wallet so that it can reopen withdrawals in time for the Proof of Keys event. HitBTC recently came under fire for freezing accounts and withdrawals just before the Proof of Keys event, but it could simply be down to a lack of funds available. This massive buy order could help fix the issue.
Dark Overlord Getting Paid
One of the more sinister theories is that someone has paid off Dark Overlord to get rid of the leaked 9/11 insurance claims. A group of hackers known as Dark Overlord allegedly hacked a group of insurance firms for files related to the 9/11 terrorist attack and was ransoming the data for Bitcoin. This massive buy order could have been placed by a concerned party looking to make the data disappear forever.
Arbitrage Bots Kicking in
There is also the possibility that it was an automatic trade placed by bots. It could have happened for a number of reasons, such as stop buy orders, FOMO parameters or simply someone making a mistake when setting up their new trading bot. Bots control a lot of the global trade volume, and this could be another case of bots taking over the trading and helping to boost the crypto markets.
One Huge Buy Order
Whatever the reason behind the buy, it was one massive order. It’s still unclear as to why this massive order wasn’t done OTC, leading many to conclude that it’s a case of market manipulation. It was all placed in one order and the rally lasted one trading session, further supporting claims of market manipulation.
Following the massive buy order, crypto markets across the board all rallied around Bitcoin and saw a brief moment of green. However, crypto markets are slowly falling back down to their recent trading range of between $3,500 and $4,000, and Bitcoin is likely to follow this trend until we see some adoption news or the launch of Bakkt.
