In-chain data expert Willy Woo stated that the latest market correction in Bitcoin (BTC) was due to misleading data on the movement of $ 1.1 billion of BTC on the Gemini cryptocurrency exchange.
In his tweet, Willy Woo explained that Glassnode's transactions involving billions of dollars worth of BTC are internal, and the funds are already in Gemini's wallets.
“There are crypto sales due to fake data that says that $ 1 billion of Bitcoin flowed to Gemini. This is the second time in the last 30 days. "
The data in question came from Crypto Quant, which warned its followers that $ 1.1 billion worth of Bitcoin was flowing into the Gemini exchange.
In his tweet, Woo revealed some reasons why Crypto Quant might be wrong.
“Did a whale send 18,000 Bitcoins to clear the markets? Or was it a data error? This warning was sent to about 28,300 traders, and speculators sold the Bitcoins they had minutes later. "
In addition, the famous analyst emphasized that Gemini is not big enough to cover $ 1 billion in Bitcoin orders, and stated that the exchange generally only has a transaction volume of $ 100 to $ 200 million per day.
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