Connect with us

Bitcoin

8 years ago today: Bitcoin traders killed the famous bear whale who dumped 30,000 BTC in one trade

.

8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade

Eight years ago today on October 6, 2014, while the price of bitcoin was coasting along at $330 per unit, an anonymous Bitstamp trader placed an order to sell 30,000 bitcoins. Moreover, the trader, now infamously known as the “Bear Whale,” sold the coins at $300 per unit, which put extreme pressure on the nascent bitcoin market that saw roughly $29 million a day in global trade volume.

A Look at the October 2014 Bitcoin ‘Bear Whale Incident’

While bitcoin (BTC) is trading for just below the $20K region, approximately eight years ago today, bitcoin traders faced off with the notorious “Bear Whale.” It was October 6, 2014, when the anonymous trader decided to sell 30,000 BTC in a single trade for $300 per coin.

8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade
Image credits: The Slaying of Bear Whale, by Christopher Edwin Steininger.

At the time, the trader was looking to obtain $9 million from the sale and today, those bitcoins are worth roughly $603 million. When the event took place, the crypto community went wild and it even caught the attention of mainstream media outlets. The price of bitcoin just before Bear Whale’s infamous dump was around $330 and the trader’s $300 monstrous sell wall was eaten up by market traders that day.

8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade

Five years ago, Bear Whale allegedly posted to Reddit claiming it was his address that sold the coins, and he further said he acquired the bitcoins at $8 per unit. He also noted that he hastily put up the 30,000 BTC trade that day because he wanted to get away from his desktop.

“I could get a better price, if I spent more of my time working on the order I guess,” Bear Whale told the r/bitcoin Reddit group at the time. Bear Whale said, “I put up a wall because I didn’t want to sit in front the computer all day.”

Almost immediately after the anonymous Bitstamp trader made the sale, the crypto community named the seller Bear Whale, and they created memes around the notorious bitcoin seller. The name Bear Whale paid homage to the infamous London Whale, a JPMorgan Chase trader that lost $6.2 billion from erroneous trades. Bitcoiners mythologized the incident by saying that the community “slayed” the formidable beast on October 6, 2014.

“I feel like singing that whale meat song,” one bitcoiner said after the sell wall was defeated. “Haha, so the whale lost almost a million bucks by selling it all at 300 instead of piecing it out and selling around 325,” another person from r/bitcoin wrote.

8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade
Image credits: Wavesworld via Makersplace NFT marketplace, and artwork drawn by Luis Buenaventura.

While the community believed it was a wild battle of market forces at the time, Bear Whale stated in a Reddit post that he had lost faith in bitcoin’s leading digital currency. Reportedly, Bear Whale’s reason to come out with his identity because of the scaling debate, and later he decided to go “all-in on bitcoin again,” while bitcoin (BTC) was trading at just above 1,000 nominal U.S. dollars per coin.

8 Years Ago Today: Bitcoin Traders Slayed the Infamous Bear Whale Who Dumped 30,000 BTC in a Single Trade

The lesson that can be learned from Bear Whale’s story is that it’s quite possible a large whale could lose faith in BTC again, or at the right price range may want to dump billions of dollars worth of bitcoin. However, markets are a lot more robust than they were in 2014, when the average daily volume was around $29 million per day.

Presently, BTC‘s 24-hour global trade volume is around $32. 63 billion at the time of writing which is 112,425% larger in size compared to 2014’s daily BTC trade volume. At the time eight years ago, the managing director of Secondmarket Brendan O’Connor told CNBC that the move was a “very ‘immaturish’ way to liquidate that amount of coin.”

O’Connor also stated that it ruined his Sunday. It doesn’t make sense from a trading perspective, I have to be honest. It’s the last way in the world you would actually want to liquidate a large position like that,” O’Connor told the news reporter on October 9, 2014.

What do you think about the Bear Whale story that took place on this day in 2014? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Christopher Edwin Steininger, Luis Buenaventura, Reddit

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More

Bitcoin

Max Keiser Warns of Government Seizing Bitcoin in ETFs — Predicts 1987-Style Crash as BTC Rises to $500K

Bitcoin proponent Max Keiser has warned of potential government seizure of bitcoin held in spot exchange-traded funds (ETFs). He additionally issued a stark warning about a looming 1987-style crash, while simultaneously predicting that the bitcoin’s price will surge past $500,000. Max Keiser’s Crash and Bitcoin Seizure Warnings Bitcoin advocate Max Keiser expressed concerns about spot [……
Read More

Continue Reading

Bitcoin

Satoshi Correspondence Revealed by Witnesses in Legal Clash Against Craig Wright

In the unfolding lawsuit between the Crypto Open Patent Alliance (COPA) and Craig Wright, three key witnesses who had early interactions with Bitcoin’s creator, Satoshi Nakamoto, provided their testimonies. Among them were early Bitcoin developers Martti Malmi and Mike Hearn, as well as Adam Back, the creator of Hashcash…
Read More

Continue Reading

Bitcoin

Lumerin Announces New Integration With Portal DEX for Decentralized Bitcoin Mining and Cross-Chain Hashpower Trading

PRESS RELEASE. CHICAGO – Feb 22, 2024 – Lumerin, a decentralized Hashpower Marketplace built on Arbitrum that has built technology to make Bitcoin hashrate a liquid asset allowing for global access to peer-to-peer, decentralized hashrate trading, today announced a new integration with Portal, the first trust minimized…
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.