On Aug. 29, Bitcoin (BTC) surged from $25,900 to $28,100 (+8.6%) in less than three hours amid positive news on the federal court ruling in the Grayscale vs. SEC case over the regulator’s decision to the Bitcoin ETF.
Interestingly, crypto analysts have identified some signs that could point to price manipulation or some form of insider trading. As crypto influencer Lark Davis explained on X (formerly Twitter):
“Somebody always knows.”
— Lark Davis (@TheCryptoLark on X)
The above comment was made on a post by crypto analyst Ali Martinez (@ali_charts). “Signs of bitcoin manipulation?” asks Ali, showing that around 30,000 BTC were sent to cryptocurrency exchanges just moments before the positive news and price surge.
Chart: supply to exchanges (BTC), exchange inflow (BTC) and price. Source: @ali_charts
“Whales and sharks may have known a thing or two,” says the Santiment Pro analyst
Notably, an analyst at behavioral analytics platform Santiment suggested something similar, citing on-chain data showing that Bitcoin addresses holding between 10 and 10,000 BTC were worth Bitcoin on Aug. 28 — the day before the positive news about Grayscale bitcoin $388.3 million amassed ETF case against the SEC.
Just ahead of the bullish ETF news, Shark & Whales wallets witnessed the biggest jump in accumulation of the summer – Bitcoin (BTC) 10-10k wallet holdings and social volume. Source: Sanbase Pro
“Whales and sharks may have known a thing or two about the outcome of the Grayscale and SEC lawsuits.”
— Santiment Sanbase Pro (@santimentfeed)
Bitcoin miners sold the pump from Grayscale vs. SEC news
Related to this, Glassnode also reported a 1-month high for Bitcoin miner outflow volume. An on-chain metric that tracks the amount of BTC leaving addresses receiving the block subsidy reward (known as a “Coinbase transaction”).
As can be seen in the chart, the 1-month high was reached on August 29th and just moments before the news (and the price surge), it started to rise aggressively, making the new high of $1.63 million in outflow volume the bitcoin miner reached At the same time, the price rose.
BTC miner outflow volume (hourly chart, 7-day ma). Source: Glassnode
According to Glassnode, the same metric, measured in bitcoin units, also hit the 1-month high just before the price spiked. A total of 55,483 BTC flowed from Bitcoin miners’ addresses.
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