In October 2014, 30,000 bitcoins were
posted as a limit order at $300 each.
In stock markets and Bitcoin Exchanges a
limit order is when someone puts something for sale and is only willing to sell
it for a certain price or higher.
At the time of the setting of the limit
order $300 dollars was slightly lower than the selling rate of bitcoin.
In traditional markets a player that is
known to have negative sentiments about the price is commonly called a bear;
and In Bitcoin a very large player is usually called a whale.
This is why the Bitcoin community was quick
to name this particular seller: the Bearwhale.
Artwork by Billy Mabrey.
The Bearwhale put in the gigantic limit order in the early hours (PT) of
October 6th 2014 and the order got slowly filled in the next few
The Bearwhale managed to sell about 26,000 bitcoins, at the time worth
slightly less than 8 million dollars. The Bitcoin community celebrated the joint effort of buying through the
whole order and “slaying the Bearwhale”, as the price rose back to $325 shortly
Many pieces of artwork were created in the following days and the Bearwhale slaying is still remembered today.
The Bearwhale got slayed, but that was not the end of the story; on may
24th 2017 the Bearwhale made a post on Reddit, with cryptographic
proof that he owned at least 36,000 bitcoins right before the Bearwhale
In this reddit post the Bearwhale stated that he bought the bitcoins for
around 8 dollars, and admitted in having been fooled by Roger Ver’s campaign of
He also stated that he no longer believed
the smear campaign at the time of writing the post, that he was back, and
“all-in and long Bitcoin again”.
If you want to read it for yourself, you
can read his cryptographically signed reddit post here: https://www.reddit.com/r/Bitcoin/comments/6d2tp1/i_am_the_bearwhale_uasf_now/