More funds were said to have moved out of the Bitcoin market in the last 24 hours after the digital currency saw a slight upsurge to around $9,526.
Extracted data from Coinness shows that in the last 10 hours (between 19:00 to 5:00 New York Time), around $78.66 million worth of Bitcoin was moved out of the whole market in general.
During this time, EOS, XRP and Litecoin saw $38.76 mln, $11.77 mln, and $10.04 mln worth of funds influx into their market respectively. However, funds moved out of Bitcoin and USDT market in millions.
Bitcoin price is starting to rise again and the digital currency is staying at $9,250 after going has high as $9,500. Well, one on-Chain analyst has posited that Bitcoin may begin to form a bullish trend from next week.
Lone Whale Behind 2017 Upsurge
An academic research has indicated that a lone whale is behind the 2017 market upsurge that saw Bitcoin clinch $20,000 market level.
The researchers, Professor John Griffin from the University of Texas and Amin Shams from Ohio State University, updated a published 2018 paper, claiming the upsurge relied so much on Tether stablecoin.
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one,” Griffin said in an interview.
“Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.
Tether has, however, rejected the allegation, claiming that the paper contains fundamental flaws.
The company’s General Counsel Stuart Hoegner who disparaged the paper claimed it exists on a baseless data set. The counsel inferred that the paper was published to back a “parasitic lawsuit.”
At the moment, Bitfinex and Tether are facing series of allegations on Bitcoin price manipulation to the extent that it is being scrutinized by the U.S. Justice Department and New York’s attorney general. The New York’s attorney is accusing Bitfinex of price manipulation while also pointing that the firm hides fund loss with Tether.