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Popular Analytics Firms Can’t Agree on 18,000 BTC Transfer Linked to Gemini, Here’s Why They Argue

Tue, 03/16/2021 - 12:29
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Yuri Molchan
Popular analytics firms have different opinions on the recent massive Bitcoin transaction related to Gemini – 18,670 BTC, and it was believed to cause the BTC decline
Popular Analytics Firms Can’t Agree on 18,000 BTC Transfer Linked to Gemini, Here’s Why They Argue
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Two popular analytics agenciesGlassnode and CryptoQuantseem to have totally different interpretations on the recent 18,670 BTC transaction related to the Gemini exchange. This transfer is believed to have caused the massive Bitcoin sell-off that led to its decline to the $56,000 level.

Now, IntoTheBlock has joined the discussion and appears to offer data that neither CryptoQuant, nor Glassnode, had announced.

Where did 18,670 BTC come from?

On March 15, CryptoQuant reported that $1,031,498,830 worth of Bitcoin (approximately 18,670 BTC) was transferred to the Gemini exchange owned by the Winklevoss twins, Cameron and Tylervocal Bitcoiners and billionaires who lost Facebook to Mark Zuckerberg in court when it was founded.

CryptoQuant analytics firm stated that Glassnode was wrong to have labeled the transaction as an internal one between Gemini wallets.

The CryptoQuant CEO, Ki Young Ju, is positive that it was a whale making a mammoth-sized deposit to Gemini, and this data was confirmed by an expert from CoinMetrics, according to him.

Image via Twitter

Glassnode stands firm on its verdict

Today, Ki Young Ju tweeted that the transaction to Gemini was performed from BlockFi (an exchange and a crypto lending service).

In today's tweet, Glassnode maintained its position, stating that the aforementioned Bitcoin transfer was nothing but an internal one on the Winklevoss' exchange.

Addressing yesterday’s exchange data – we remain with our statement. The transactions in question were not external user deposits into Gemini's cluster. This is in accordance with our address labels and clustering information.

Popular crypto trader and analyst Willy Woo was also involved in the discussion, calling CryptoQuant's data bogus.

IntoTheBlock first confirmed the deposit to Gemini, then added that slightly over 17,000 BTC was later withdrawn.

However, IntoTheBlock chose to remove all of its tweets regarding this transaction.

If You’re Not Long Bitcoin, You’re Short, Mike Novogratz Explains Why

Bitcoin tanked from $60,000 as a result

On Monday, the world's major cryptocurrency, Bitcoin, plunged from the $60,000 level to the $55,600 area on a massive sell-off.

It was believed to be triggered by this billion USD in Bitcoin deposited to Gemini as the market assumed a whale was going to sell it.

The CEO of Galaxy Digital, Mike Novogratz, told CNBC yesterday that despite Bitcoin's surging to $61,700 on Saturday and its decline to $55,500 on Monday, Bitcoin simply rolled back to where it was on Friday afternoon.

According to crypto billionaire Novogratz, the BTC upsurge over the weekend was due to retail purchasing as leverage, which always goes higher on the weekend.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at