The Forbes article

Earlier today Forbes reported the standard news to come out of significant price volatility. They reported that there was a massive liquidation of 2.22 billion dollars worth of margins, obviously longs. The real juicy details from this event is what they say may have caused the dump. Apparently a billion dollars worth of bitcoin was moved to a Gemini hot wallet and presumably sold. This was clearly extremely troubling to many in the crypto community because it is perceived that the journey from 4k last year to 60k this year was fuelled by such investors. Speculation is rife on who might be behind the sell-off but most of the focus is actually on whether it even went down as reported.

Glassnode

The first Go-To for many in the space in such occasions are the many onchain analysis providers like Glassnode. After being on the receiving end of almost every worried investor, bar you and I of course, they released a tweet in which they sought to clarify that they believed the transactions to be internal Gemini transfers. 

CryptoQuant

A competitor immediately clapped back on Twitter claiming such information was false. CryptoQuant, who are also in the business of on-chain data, stated that the ~18,000 BTC must have come from outside of Gemini because they do not use P2SH addresses. They also included screenshots of the transaction which clearly shows the initial address's first character is 3. 

As of yet it does not appear as though Glassnode have responded to CryptoQuant's claims.

What do you make of this scenario? Who do you believe is right and are you worried about this transaction?