Who Bought $1.6B in Bitcoin Wednesday, and Why?

Who Bought $1.6B in Bitcoin Wednesday, and Why?

It’s an eerie coincidence that a trade of this size happened on exchanges with ties to Chinese customers during a week beset by that country’s capital market woes.

Like a toddler in a car seat on a long drive, last week the cryptocurrency market persistently asked the gnawing and annoying question, “Why?”

Specifically, why did someone make a massive purchase of $1.6 billion worth of bitcoin on Wednesday in a couple of minutes?

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