Massive $5B sell-off from a Bitcoin whale as BTC ETFs scoop up sats

Was it just sell the news or did a $5 Billion Bitcoin whale spark the post ETF Price Crash good morning happy Friday everyone You are listening to the ryzen crypto Podcast by coin Telegraph with me Robert Bags during you through the crypto Cosmos with daily dispatches from the Digital Frontier if you want to stay Ahead of the curving crypto make sure You click that follow button okay grab Yourself a coffee and let's get into [Music] It there are some fascinating stories to Cover today so here is a quick rundown Of what we're going to discuss first up Is the $5 billion Bitcoin W who may have Sparked the price crash the former openc Product manager is appealing his Conviction claiming that the nft Information wasn't property I take a Look at what the banana tool is and how Someone just used it to snipe and bribe Their way to $7 million of profit in 3 Hours and after day five of trading some Data from the spot Bitcoin ETFs will Have you feeling Bullish upon the approval of the spot Bitcoin ETFs we saw bitcoin's price pump Up to $49,000 before plummeting down around $9,000 where it has remained more or Less ever since although it was quite The drop and it happened suddenly there

Wasn't much call for an investigation People were just selling the news by the Rumor sell the news might be an old Adage but it sure is a way of life for Many and that must have been what Happened right well perhaps that wasn't The whole story or even the majority of The whole story James Van Stratton a Research and data analyst at the crypto Insights firm crypto slate posited a new Theory with some convincing evidence That bitcoin's 15% nose dive from its $49,000 highs was as a result of one Bitcoin whale and I mean whale in 2021 When the sum was out and we were in the Middle of a bull run a mystery person or Organization bought Bitcoin at $48,000 Per coin well when I say bought Bitcoin I should be clear they bought 100,000 Bitcoin that's right they spent 4.8 8 Billion do on Bitcoin in a bull run and They saw it climb for a while and then They watched it collapse as van Stratton Suggests they would have held 75% Unrealized losses and they likely didn't Want to sell upon the collapse as the Hit would have been staggering but with The cries of Bitcoin is dead that you Get every single bare Market this person Must have been sweating profusely for Months straight so on the 12th of January this year they took sweet relief On that day we saw the largest one-day Draw down of Bitcoin since FTX went

Belly up and Van Stratton traced it back To this whale when bitcoin's price hit $499,000 the whale offloaded and sent The market into a tail spin under the Banner of sell the news after 2 and 1/2 Years of sitting on 100,000 Bitcoin the Wild started the big selloff at just $1,000 higher than they bought in at but To quote William suberg even with just $1,000 between the entry and exit the Size of this Wales BTC stack would have Netted them a core $100 million in Profit still a worth worthy prize Despite enduring bitcoin's longest ever Bare Market the question is who or what Was behind this 100,000 Bitcoin it feels like a different Lifetime ago now but in quarter 1 of 2023 an interesting legal case unfolded Involving Nathaniel Chastain the former Product manager of the nft marketplace Openc in Chastain's role as product Manager he got to know which nft Collections were going to be featured on The openc website before they were Featured and let me tell you during the Nft boom that was not an insignificant Amount of power to have by featuring the Collections interest in them would rise And typically so with the price so Chastain would purchase the nfts before They were featured he bought 45 nfts in Total and then sell them after they were Featured for a tidy profit this was seen

As a form of insider trading and as a Result Chastain was put on trial in 2023 In a US District Court in New York where He was found guilty and convicted of Wire fraud and moneya laundering Chastain was sentenced to 3 month mons In prison he got a $50,000 fine and the Forfeiture of all ill-gotten ether upon The conviction Chastain's legal team Made it clear they would appeal and Appeal they have this week they filed For acquit because as they say the US Government failed to prove the Information related to nfts on openc Qualified as property Chastain's lawyers Argue that the information about which Nfts would be featured had no commercial Value to openc and was not considered Protected property the filing reads not All confidential information is property Confidential information must have Commercial value to its owner the Company's business model was to earn Revenue from commissions on nft Transactions conducted on its website Not to monetize Chastain's ideas about Which nfts to feature openc made money From Chastain's trading because it Earned commissions when he used its Platform to buy and sell the featured Nfts so the appeal wants to get into the Minutia of property I can't pretend to Understand the legal intricacies of that But from a Layman's perspective it did

Seem patently immoral to buy nfts before They were featured and then sell them After I have absolutely no legal Background but that did sound like Insider trading so what do you make of This tweet us on @ cointelegraph and Rbags crypto is a place where fortunes Can be made and lost in the strangest of Ways in yesterday's episode I went Through the bizares of a memec coin Trader making $1 million from buying a Token that aligned with Elon musk's Newly changed X profile well the good Folk at look on chain has uncovered Another story yesterday and this one has Some controversy weaved in a Trader made $ 6.77 million in profit in just 3 hours By buying and selling the newly launched Satoshi VM token sa VM to do this he Used a tool called banana gun which is Interesting in itself and we haven't Discussed it on the podcast so let's get Some background on that first launched In July 2023 banana gun is a trading bot That allows users to snipe pre-sale Tokens and trade crypto quickly Traders Can choose between two settings man Manual trade and automatic sniper manual Trades incur a 0.5% fee whereas the Automatic sniper trades feature charges A 0.75% fee banana gun is incredibly Popular in the telegram bot trading Scene and in September last year many Were eagerly awaiting the native token

For the software called banana banana Gun's own token launch was a bit of a Disaster it started well after being Released at under $1 and then shooting Up to $8.7 but then it thundered back down to Just 2 cents in under 3 hours this was For a rather embarrassing reason despite Banana gun having two audits performed On the smart contract upon release a Pseudonymous coder called Mr chock put The contract in chat GPT and it found a Fatal flaw within seconds banana gun Could not hot fix the issue and the team Had to sell the treasury and launch a V2 Of the token probably costing the team a Pretty penny it was all very messy but People were made hole anyway banana gun Is redeeming itself in the eyes of some With yesterday's story The Unknown Trader manag to snipe over 2.5 million Satoshi VM tokens using the sniping tool Paying 277.49 one, the trader then sold 2.16 Million of his savm bag for a cool 4.38 Million meaning they still held $450,000 savm which is worth around $3 Million last night when look on chain Sent this tweet out they estimated the Traders's total profit to be $6.79 million now that's interesting Enough as it is but what makes this such An incredible story is only obvious if You run the numbers $681,000 for 2.61

Million savm at the launch price doesn't Quite add up because the trader paid a Bribe fee that sounds illegal but it Isn't a bribe fee on banana gun is like Offering a higher gas fee so that your Transaction gets confirmed sooner in the Case of sniping this Trader wanted to or Perhaps needed to be first through the Door with the savm tokens to get the Profit they presume knew the price was Going to Rocket and they needed to get In while the price was low so the trader Paid 141.5 6 e in bribe fees this Trader Was so confident in getting enormous Profits that they paid $350,000 just to bribe themselves into First place but with $ 6.77 million of Profit He Who Dares wins I guess as it's Friday I want to update you on some spot Bitcoin ETF stories that are going to Have you feeling pretty damn bullish This weekend yes yesterday cc15 Capital Posted the latest figures for the spot Bitcoin ETFs before I go on remember That there is a delay with data on Purchases of Bitcoin as reported by the ETF managers nevertheless cc15 found That even with the grayscale Bitcoin Trust seeing 10,824 Bitcoin in outflows on a net Basis the ETFs bought 10,667 Bitcoin on day five of trading I Really like the next tweet by cc15 as it Puts in perspective the demand we're

Seeing they wrote 3,496 Bitcoin was bought since the ETF Launch excluding gbtc in Brackets Selling driven by high fees versus Others the 9 ETFs bought 68,4 42 Bitcoin a staggeringly large Number only 900 Bitcoin is mine daily And that's dropping to 450 a day in April I do have to keep reminding myself Of the demand shock into Supply shock That we're going to see with April's Harving event and this isn't the only Positive either let's just again remove Gbtc from the equation here as they mess Up every stat with their hordes and Hordes of Bitcoin High fees and so on When we do we're left with the other Nine ETFs what the Bloomberg ETF analyst Eric balinas calls the newborn 9 and They're performing both very well and in A way that isn't typical for ETFs balcon Ass wrote on X this is interesting the Newborn 9 actually saw a 34% jump in Volume today versus yesterday normally With a hyped up launch you see volume Steadily decrease each day post launch It's rare to see it reverse back up Attached to this tweet which I've Linked In the description is a graphic which Shows the jump in volume between day Four and five Black Rock increased by 24.9% despite being first on total Volume out of the nine with $424.58 n% from the fourth to the fifth

Day balcon ass also noted that black Rock and Fidelity's Bitcoin ETFs sit Fourth and fifth on the table for weekly Capital inflows across all us ETFs Balcon wrote another way to put the Bitcoin ETF flows into ETF context is How they stack up to all ETFs in past One week flows even after 4 days two of Them were in the top five and three are In the top 10 so although right now Bitcoin's price isn't going the Direction everyone hoped there are a lot Of reasons to be positive as Bitcoin is Being hoovered up at record Speeds it's always good to end on a high Particularly on a Friday but that is Your last daily debrief of the week Consider yourself informed thank you for Listening to the ryzen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing leaving A review or just sending us a tweet as Long as I can tell you're not part of The bot Army on X I'll always reply okay Have a great weekend and let's do this Again [Music] Monday [Music]

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