Bitcoin Gold investors may need to prepare for a strike, because someone moved 664 000 BTG - coins that have remained untouched since this blockchain split off from the main Bitcoin network last year.
Is the sale coming?
The day before yesterday, approximately 664 000 BTG was moved for the first time, which is the largest number since the network was launched in November.
The fork officially took place on October 25, however, the developers made a premine for several weeks, running the BTG network only in mid-November. Since the network was created via a bitcoin fork, all BTC holders received an equivalent amount of BTG coins.
Most of these coins were moved in the first few weeks after the launch of the network; over the next three months, the trend was declining - until this week.
Source: forks.network
Antoine Le Calvez, the startup engineer for Blockchain, who also created a website that tracks the distribution of coins of selected forks, was the first to notice this. He attributed these transactions to the bitcoin storage service Xapo.
Although Xapo has already distributed Bitcoin Gold to its customers shortly after the October fork, it is possible that these transactions were made for one or more institutional clients of the firm.
If the owners of these coins are going to sell them, then they will have to do it when the price of Bitcoin Gold is close to the record minimum.
In November and December, the coin was trading above $ 400 several times, but it could not get as much support as Bitcoin Cash - a fork that occurred in August due to long-standing ideological differences over the future of Bitcoin.
BTG did not withstand the recent market correction, dropping 5 in February to $ 74, and then recovering moderately.
At the time of this writing, Bitcoin Gold is trading at an average of $ 122 worldwide, which corresponds to a market capitalization of $ 2 billion and makes BTG 19 the largest cryptocurrency.
At current prices, 664 coins are worth about $ 000 million. However, data from CoinMarketCap show that BTG's daily trading volume is only $ 81 million, so it will be difficult to sell 38 coins (if that is the owner's intention) without causing a market crash.
The mere fact that these coins have been moved can lead traders to sell off their stocks and make BTG cheaper.