Bitcoin Whale Moves Over $600,000,000 in BTC – Here’s Where the Crypto Is Headed

A Bitcoin whale is transferring hundreds of millions of dollars worth of BTC in the midst of a correction that’s impacting the broader crypto markets.

According to blockchain tracker Whale Alert, the massive crypto holder moved exactly 10,000 BTC from multiple wallet addresses coming from Bitcoin-custodial firm Xapo to the global crypto exchange Binance. At the time of the transfer, the Bitcoin stash was worth nearly $608.8 million.

The large Bitcoin whale paid 0.00005752 BTC, worth $3.37 at time of writing, in transaction fees for the transfer. Bitcoin is currently exchanging hands at $58,612.

Whale Alert is also reporting other large Bitcoin transactions in the last 48 hours amid the crypto market pullback. Three transactions involve whales moving hundreds of millions of dollars worth of Bitcoin between crypto exchanges.

In two transactions, whales withdrew nearly $250 million worth of Bitcoin from Coinbase. Other transactions saw whales moving BTC between Xapo and crypto exchanges.

Here’s the summary of some of the whale transactions in the last two days:

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Hillary Clinton Says Crypto Could Undermine Fiat Currencies and Destabilize Nations

Former U.S. Secretary of State Hillary Clinton thinks cryptocurrencies could threaten the dominance of the US dollar and the stability of many nations.

Appearing in a Bloomberg panel to discuss “the new global order,” Clinton speaks on a wide variety of topics ranging from trade policy to foreign relations with China and Russia.

The 2016 Democratic Party presidential nominee predicts that “the rise of artificial intelligence” will threaten nation-states and multinational corporations.

She also believes crypto could have a negative impact on the US dollar and pose a threat to the stability of small and large nations.

“One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them, has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.”

Clinton also appears to suggest that China’s blanket ban on all crypto-related business activities is a wise approach.

“It appears as though China is going to prevent outside technology payment systems, like the cryptocurrency development, from playing a big role inside China, because I think they recognize – given their nationalism – perhaps earlier than other nations in the US, Europe, elsewhere, that this could be a direct threat to sovereignty.

So when we’re talking about making decisions and trying to be strategic and building alliances, there’s a whole new layer of activity that could be extremely destabilizing, and, in the wrong hands or in alliances with the wrong people, could be direct threats to many of our nation-states and certainly to the global currency markets.”

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The First Digital Bond Issued In A Regulated Market By SIX Points To A Need For Standards

Momentous events do not appear to be significant when they happen. Scarcely anyone noticed when the bitcoin paper was uploaded to the cypherpunks mailing list back in 2009. Now, it has spawned a few new industries and shaken up many established industries. Similarly, the release of the first digital bond in a regulated market announced by SIX yesterday did not cause any significant waves. Of course, it is unfair to compare the effects of the release of a homegrown piece of code by a lone wolf to the actions of an institution like the Swiss Stock Exchange. However, both are linked through the data-structure of the blockchain.

The bond market is relatively staid, however it does not lack drama, such as the Argentinian sovereign default and its attendant tussles or the near destruction of the global financial system by bonds backed by US sub-prime mortgages. Bonds are considered a safer bet as the seniority of bond debt makes them less risky. The SIFMA capital markets factbook for 2021 states that global bond markets outstanding value increased by 16.5% to $123.5 trillion in 2020, while global long-term bond issuance increased by 19.9% to $27.3 trillion. Contrast that to the global equity market capitalization which increased by 18.2% year-over-year to $105.8 trillion in 2020, mostly fueled by increases in stock prices. Yearly bond issuance dwarfs the issuance of equities. Equities are a perpetual instrument, while bonds have a term and often pay a recurring or built in coupon.

A press release from the Swiss Exchange dated November 18, states that SIX placed the first senior unsecured digital CHF bond with a total volume of CHF 150 million and maturity in 2026. The bond is innovative because it consists of two exchangeable parts linked together. The digital part (Part A) of the bond for CHF 100 million and the traditional part (Part B) of the bond for CHF 50 million. Each will be traded and held in different structural sub-organs of the exchange. The coupon amounts to an anemic 0.125% per year. This is par for the course for bonds, a safe instrument, it was heavily oversubscribed. In effect, the returns are negative if you take inflation into account; in that it is better than cash. The net proceeds of the bond will be used for general financing purposes of SIX.

The DLT used was R3’s Corda. Corda is not a blockchain according to many including its CEO. Under the covers, Corda is backed by a micro-ledger, a mini blockchain. This bond issuance is a test run for the SIX Digital Exchange, which is a manifestation of the SIX mandate to operate infrastructure services.

In digital bonds, for trading, for custody, for post trade operations and processes, standards matter. Bonds cannot be said to be fully digital until the common operations can be automated and digitized. Calculation of coupon payments and value underpins risk analysis and secondary markets, which operate on price depend on bond attributes. A lack of standards bedevils the bond world. This is natural for instruments that have evolved over hundreds of years, if not thousands. Standards development organizations such as the InterWork Alliance (IWA) are important in this context.


Now known as IWA, a GBBC project; IWA started as the Token Taxonomy Initiative inside the Enterprise Ethereum Association (EEA). The DNA of the EEA is Ethereum and its rich suite of de facto token standards. These de facto standards have caused a revolution in crypto-currencies and created DAOs, DeFi itself and an explosion of NFTs. This revolution is now spreading to other public and private blockchains. The TTI started the The Token Taxonomy Framework (TTF) which is open sourced on github. TTF defines a set of basic building blocks of a token language. This token language is spoken in a platform neutral way. In other words, the token can be built on Solana, on Hyperledger Fabric, on Polychain as long as the token and its interface and attributes can be implemented. The token behaves in a strictly deterministic way. It is also possible to reason about the value of the token, as well as deal with emergent properties with built in circuit-breakers and other guard-rails.

The basic definition of any TTF digital token is expressed using a short token formula. From this token formula, a series of artifacts, from the code for templates of functions to business functionality is generated. This ensures that everyone, from technologists to business users to compliance folks work from the same functional specification. These are standards for the modern age, that contains tooling to generate all, including a visual representation of a token. A series of purpose built artifacts all generated from the token formula. A digital token is the base of an ecosystem that for any instrument also consists of contracts between counterparties and analytics built on the interaction between the token and the contracts, thus building what is in effect a multi-party system that powers the lifecycle of an instrument. This is the key to digitizing instruments such as bonds that have existed since the Mesopotamian times.

This realization led to the creation of the Inter Work Alliance based on the TTF as a foundation. So far, the story has a through line that arouses skepticism in people who have been battle-hardened by working in Capital Markets tussling with the broken and fragmented financial market infrastructure. This is a real challenge for adoption by business types in traditional fnance. A certain amount of skepticism, a healthy suspicion of blockchain which many associate with Bitcoin and a sense of deja vu. The merger of IWA with the Global Blockchain Business Council addresses this issue head-on. GBBC, founded by the indefatigable Sandra Ro, is one of the most influential Blockchain Industry associations with more than 350 institutional members and 70 jurisdictions. The GBBC along with the World Economic Forum had already started on a survey of Blockchain standards called GSMI. The natural next step is to partner with an organization who have a pedigree in standards development. The merger between the IWA and GBBC was announced in September and was completed recently.

In the meantime the IWA has not been idle. The sustainability working group has been the most active and have created token standards to track the various forms of the voluntary emissions market. This market based approach covers both emission allowances and carbon offsets and tackles the top-of-of the mind topic brought to the fore by COP26. These sort of initiatives may help humanity escape the “blah-bah-blah” mentality that constrains us. A market based approach cannot work if emission allowances are huge and carbon offsets are priced low. Of course the pricing of these offsets have to be prohibitive and traceable for the world to escape the singularity of a greater than 1.5 degree rise in average temperatures. Nothing in the VEM standards stands in the way of these eventualities.

The standard for digital bonds, when a simple formula fans out into an implementation that every party on a multi-party system can agree on and automatically generates a variety of tools for creating and monitoring bond behavior in a platform neutral way, with extensions to price and risk manage digital bonds, it creates cost efficiencies. Bringing down the costs will democratize the investment landscape and make participation more decentralized. Furthermore, viewing the bond through the prism of standards, unlocks the possibilities for new behaviors and new products. Thus revolution and evolution are unleashed through standards. A new working group has been reanimated inside the IWA to look at debt capital markets. This group is composed of both traditional players and new actors with all the tools of the TTF at their disposal. GBBC is poised to amplify that message and take it to many enterprises and jurisdictions.


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IRS Seized $3,500,000,000 in Crypto Assets in Fiscal Year 2021

The U.S. Internal Revenue Service (IRS) is revealing that it confiscated billions of dollars in cryptocurrency during the 2021 fiscal year.

The IRS says in a report that its Criminal Investigation’s Cyber Crime Unit (CI CCU) seized approximately $3.5 billion in cryptocurrency this year. The amount constituted an overwhelming proportion of the total amount of assets that CI confiscated during the same period.



Some of the notable cryptocurrency seizures by the IRS involve amounts consisting of up to hundreds of millions of dollars.

In November of 2020, more than $1 billion in Bitcoin (BTC) linked to the Silk Road online drug marketplace was seized from an Individual X who had hacked the coins from Silk Road. Silk Road creator Ross Ulbricht was convicted and sentenced to life imprisonment six years ago. A blockchain intelligence firm made the discovery of the Silk Road Bitcoin that had previously gone undetected.

Says the IRS,

“CCU special agents and personnel used a third-party Bitcoin attribution company to analyze bitcoin transactions executed by Silk Road and were able to identify 54 previously undetected Bitcoin transactions executed by Silk Road, which were the proceeds of unlawful activity, stolen from Silk Road in or about 2012 and 2013.

These funds were traced to a bitcoin address. Further investigation of that Bitcoin address by CCU special agents & personnel revealed that the funds were connected to Individual X. It was further determined that Individual X had hacked the funds from Silk Road.

Pursuant to the investigation of the hack, CCU special agents seized several thousand Bitcoins on November 3, 2020. On November 4, 2020, the seized Bitcoin had a value of over $1 billion.”

Earlier this year, the CCU took down the dark web’s decade-old Bitcoin money-laundering service known as Bitcoin Fog which is suspected to have moved over 1.2 million Bitcoin worth around $335 million at the time of the transactions.

The CCU also successfully investigated a Microsoft employee who used Bitcoin to launder over $10 million obtained from the sale of the tech giant’s stolen gift cards.

Bitcoin is currently trading at $57,580.

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Decentralized exchanges aren’t ready for derivatives

If the words “derivatives trading” conjures up images of men in suits with disheveled white sleeves rolled up to the elbows and exacerbated expressions on their faces — like something out of The Big Short — then the word decentralized exchanges (DEXs) must conjure up, well, nothing. 

There are no offices, no floor traders waving papers and certainly no men in suits. DEXs are managed automatically or semi-automatically with the involvement of platform participants in the process of making mission-critical decisions. DEXs are a bulb of a system that is sprouting groundbreaking opportunities for many, but they are not yet suited for the soil of derivatives trading in this season of the crypto market.

The technological gap

The technology isn’t available right now to have a proper options market on a DEX with the level of sophistication that you find in the traditional space. Current offerings, therefore, suffer from capital inefficiencies, poor pricing and added risk for traders. Instead of tech first, the people must be put first and the tech layered in as it matures, providing decentralization in progressive components. The success of dYdX’s hybrid approach of a centralized order book with decentralized custody shows that this is the viable route for a full derivatives options suite as well.

The percentage of DEX to centralized exchanged (CEX) spot trade volume was at 9% in June, which was the peak of the regulatory crackdown.

You can also see that during this time, dYdX also recorded an $11.6 million spike in revenue in August — leading to a higher adoption rate of DEX, thanks in part to its hybrid approach.

A more centralized hybrid approach provides the opportunity for the usage of these sophisticated financial tools sooner and at scale. Rigidly prioritizing true decentralization over a more centralized hybrid approach is a noble one, but it delays the accessibility of these financially transformative opportunities.

User experience powering the way

Central exchanges are a gateway to a larger audience that is not yet comfortable with the full self-custodial experience. Not everyone wants to have self custody of their funds. The fact that you could lose your entire life savings by misplacing a piece of paper is a pretty scary concept.

For example, when looking at the chart below, you can see that the volume, which can be inferred as a certain percentage of new entrants into crypto, tends to flow to more centralized exchanges.

Tom Bilyeau, ​​co-founder and CEO of Impact Theory, might be the perfect anecdotal example of this preference of centralized exchange sentiment over decentralized exchanges. Tom is relatively new to crypto, he knows he “should” self-custody his assets. In an honest admission in his recent interview with Robert Breedlove, however, he explains his preference to keep his crypto on an exchange because of the security and friction of the alternative process. Of course, Twitter was buzzing with “don’t be like Tom,” counternarratives, but if we want to grow as an industry, we can’t write stuff like this off. Tom is going through the same crypto-adoption lifecycle of many people. There is a large segment of the population that doesn’t want to even think about security. They want exchanges to take on the counterparty risk so they can go on living their lives.

This is valid, if for no greater reason than this sentiment merely exists just as the self-sovereign vision of the Crypto-Utopiates is valid.

Of course, there are solutions to solve this and a variety of reasons people might prefer to self-custody, but the fact remains that this is not an ideal experience for everyone. The point here is that we must meet people where they’re at.

Related: Decentralization vs. centralization: Where does the future lie? Experts answer

The future is accessible for everyone

Cryptocurrency is a massive financial literacy project. Take, for instance, the subprime mortgage crisis in 2007. The problem was not that complicated derivatives tools, like tranches or CMOs, were inherently wrong, it was the fact that there was no transparency or audibility of the products that were being sold. Unseen risks resided in the system that no one knew existed and then it collapsed. With crypto, everything in the entire financial stack is fully transparent and auditable in real-time. Out of necessity, people learn about margin systems, lending systems and other traditional and complex concepts that were otherwise unappealing or unavailable to them.

Centralized crypto exchanges know that anyone can learn, audit and shift their assets to another platform if they’re not satisfied, which holds exchanges accountable. Unlike banks, users can withdraw their assets directly to the blockchain. Exchanges need to do right by the user, lest they go elsewhere. In a DEX, this is a glaring accountability gap. If something goes wrong, who is behind there to help fix the mess?

This is especially important when you consider that, according to a report by crypto research company Messari, DeFi protocols have lost about $284.9 million to hacks and other exploit attacks since 2019. At this point in time, the decentralized insurance industry only covers a fraction of the total value locked (TVL) in DeFi, which represents the sum of all assets deposited in DeFi protocols earning rewards, interest, new coins and tokens, fixed income, etc.

With new DeFi hacks popping up in crypto in what feels like every other day, centralized exchanges or custodians that can offer greater peace of mind through insurance and counterparty risk are the smoothest on-ramps for the industry.

Decentralization is the end goal

Of course, decentralization is the end goal. Users controlling their own assets is ideal. Directionally, this is where the industry is headed, but we can’t ask that users jump in before the tech is ready at their expense. The onus is on technologists to get decentralized technologies where they need to be first. DEXs conceivably hold great promise for the future of derivatives trading, but not at the cost of security, speed and availability for all.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Tom Howard, business development and growth at PowerTrade, is a product geek, founder and angel investor obsessed with reinventing money and finance. As an early investor in cryptocurrencies and founding partner of blockchain investment group Taureon, Tom has seen it all from the booms and busts to the massive challenges users face when trying to use cryptocurrencies as electronic cash. As co-founder of DeFi Nation and formerly co-founder of Mosendo, Tom brings his immense knowledge of decentralization to the crypto derivatives world.