Bitcoin has experienced a lot of fluctuation in its price this year, both upward and downward. Some people think that the recent big drop in Bitcoin value is related to big players selling their shares and flooding the market. In an August 18 report, an alleged PlusToken scam may have moved more than $240 million in proceeds to Bitcoin. This news was issued by an account that flags large cryptocurrency transactions.
In a recent report from a crypto analyst account on Twitter, a single sell-of could be a result of liquidating 200,000 Bitcoin from the alleged PlusToken Ponzi scam. In the tweetstorm, it was stated that the exit scam could be one of the biggest that digital coins have ever experienced. More than 22,923 Bitcoin were moved. It happened on August 17.
The cryptocurrency analyst conducted some research on different wallets that could be associated with the scam. The confirmation of the total number of Bitcoin could account for past and future price movements. Ergo is the analyst, and they noted that the movement was associated with three specific wallet addresses.
In a past report about the possible Ponzi scheme, it was noted that the use of Wasabi Mixer may have played a role. This is a method of mixing different coins in order to makeit more difficult to track their source. Another way to describe it is self-shuffling. The whole scam has lead to a lot of bearish market pressure on the value of Bitcoin.
The analysis is not yet complete, but 187,000 or so Bitcoin have been tracked this way. It roughly confirms the initial estimates. The tweetstorm added a chart to show where those numbers came from. It estimates that 1,100 Bitcoin have been sold each day in November. If all of the mixed coins have been sold between early August through mid-November, it would account for about 1,300 Bitcoin sold every day. The analysis added that in the future, daily selling estimates can be used to watch the approximately 58,000 Bitcoin that have yet to be self-shuffled. Selling them could take another 1.5 to 2.0 months.