what happened with bitcoin yesterday is interesting...

 welcome back to cryptozeros i am george we're all george so

today i'm going to try to connect the dots what happened with bitcoin yesterday is very interesting right came. out of nowhere and people are still trying to guess what happened but today i'm gonna connect the dots because i found an. interesting correlation between two companies that i know you guys have heard of before so let's talk. 

about that and what else is going on in the world of crypto so. smash up the like subscribe to channel make sure you hit that notification bell to get notified all my streams follow me. on social media on crypto and on my brand new channels

good morning guys good afternoon good evening wherever you may be welcome welcome welcome guys today's. going to be a good one although bitcoin is still struggling to come up from what happened. yesterday and man we had a big big drop off right here you could see someone. dumped on the market caused a lot of fear now we're kind of recovering from that. but still way lower than before we're around 21 000 right so what exactly. 

happened yesterday that is what i'm going to try to kind of

figure out now of course some people say well this is just normal right like ta predicted this um i'm not. quite sure and some people say well of course it's due to inflation um so we did have 10 minutes. come out but that was on wednesday so the fed is still saying that they're gonna remain hawkish right but after the. fed minute nothing happened it's not like we had an immediate crash after it came out on wednesday we didn't have a. media crash on thursday either so it came out on friday so um even though the macro conditions i

think have not improved all that much we are coming up from the bottom and things are getting better but we're not like. totally out of the woods yet so i would say a macro condition is still a concern but i don't think it explains what. exactly happened yesterday and what caused the cast fading uh cascading effect right so. what did happen though all right so you know i was thinking and thinking and thinking some of you guys have brought. this up too you know with what's going on with celsius obviously is not a good situation right um

so i was thinking hmm maybe it's due to this celsius now we're. clear to sell mine bitcoin to fund its operations celsius recently of course declared bankruptcy they are about 3. billion in a whole they have very little money to operate even right now right so. even while they're in bankruptcy hearing they're gonna run out of money in approximately two months. 

okay so they've been begging the courts to allow them to sell their mind bitcoin um to pay for its operation while they. go through restructuring and the courts allowed it okay so i was thinking is. this the reason for it i mean is there enough how much do they actually have in the. first place right so i was looking back uh it turns out they have over 80 000. 

mining rigs so within a very short amount of time they bought a ton they bought 80. 850 rigs they have 43 000 in operation so they have only half. pretty much a little bit more than half that's in operation to rest it's just sitting there so . probably they're gonna have to liquidate. that right and they were expected to go up as high as 120. 000 rigs and generate 10 000 coins by the end of this year that's what they were anticipating. now did they really get there well i started to do some math because it says in here how much did it. actually mine back in july they mined a total of 432. 

so i mean they're nowhere close of hitting their 10 000 projection but if you do the math 432 just to be generous. let's say going back this is july going back june may and go all the way back to january let's. just say they were mining 450 500 you're talking about anywhere between like three to four thousand bitcoin all right. now that's this year now according to this other article it says in 2021 celsius. mine about 3 100 bitcoin right so if you do the math it's about it's about what's 7 000 bitcoins. 

right and 7 000 bitcoin comes out to be about 160 million ish around there and you would figure 160. million should not do if you dumped it it should not have any effect on bitcoin. right bitcoins multi uh hundreds of millions right so or hundreds of billions excuse me so really it should. not affect it right but here's the thing though all these big purchases that we have seen in the past like if michael saylor. 

buys like 200 million dollars of bitcoin or dokwan before when he bought however much bitcoin he bought right they were. all done otc market they weren't done on a spot market so if you did have let's say close to 200 million of buy volume. or cell volume on spot it could have very different effect than if you're doing it on otc. market which really has no effect on the market because you're essentially doing off the order books right. so putting one in one together if celsius wanted to sell their 7 000. bitcoins about 170 million right where would they sell it at so you know there's rumors rumblings. 

about how ftx spot has been like kind of the go-to place right go to. place for sellers so some people have throughout charts before and i'm like okay is it legit so. i decided to do some digging and looked at what happened exactly over here right. this right here someone obviously dumped right here where did the majority of the volume come from was it really from ftx well. let's take a look i pulled these up on crypto quant so looking at coinbase of

course one of the biggest changes out there if you look at the bitcoin spot volume at that point. was only about 3 500 so not much at all so most of the the what. happened was not on coinbase right that's about 3 500 worth of sell. on coinbase pro so basically no one's selling on coinbase here's one from. binance the biggest change out there on earth right none bigger than binance and. their total volume was like thirty thousand thirty thousand two hundred thirty four so again on the big exchange. 

in the world the the volume is is nothing no one at that time was trying to sell bitcoin. right at least not to usdt right that's what this is measuring but you know where the volume came from.