Bitcoin’s Price Didn’t Drop Because Coins From 2009 Moved, Popular BTC Whale Argues

Michael LaVere
  • Bitcoin whale JOE007 took issue with the narrative that bitcoin's price drop was related to Satoshi Nakamoto moving dormant BTC.
  • The whale trader argued bitcoin's price was over-extended from the halving and long overdue for a correction. 

Popular bitcoin whale and crypto commentator Joe007 says bitcoin’s sudden price drop to $9,000 was not the result of bitcoin moving from a dormant wallet, which some claimed could have been Satoshi Nakamoto.

Joe007, who came to prominence after generating a substantial profit from market volatility earlier in the year and being on Bitfinex's leaderboard, has argued that bitcoin’s price drop was the result of an over-extended market. 

The whale trader famously left Twitter just days before bitcoin's halving, calling his social media experience a “limited experiment.” According to the Bitfinex Leaderboard at the time, he was also sitting on $20 million in unrealized losses as a result of a short contract placed on bitcoin around $6,800. 

Following his leave of Twitter, Joe007 re-emerged on Bitfinex’s recently launched social media platform Pulse to provide crypto commentary. In a post published May 21, the bitcoin whale argued against the market being “spooked by Satoshi’s ghost” in its fall to $9,000 referring to the dormant wallet moving its BTC. 

Instead, Joe007 claimed the crypto markets were “overextended” from the halving and “non-existent inflation fairy tales.” He said the Satoshi rumors were serving as a reason to justify the “long overdue” market reversal. 

joe007 bitfinex bitcoin priceSource: Bitfinex Pulse

As previously reported, blockchain analysis revealed it was unlikely that the recently moved bitcoin mined in 2009 belonged to the coin’s mysterious creator Satoshi Nakamoto. 

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