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A comment on Someone bought 26.9 BTC on Binance and sent it to Satoshi's dead wallet. Parent comment

Re:Someone bought 26.9 BTC on Binance and sent it to Satoshi... by jtxx on Sunday January 07, 2024 @06:44AM (#38900432)
re: who profits from this, got me thinking - even though $1m is a drop in the bucket of the market cap, could burning that amount of funds have any meaningful effect on the price? since the time of this transaction, prices have gone up 1.5% which is not huuuugely significant and causation != correlation

I think the hacked whale account makes most sense to me tho

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Re:Someone bought 26.9 BTC on Binance and sent it to Satoshi... by lobsterthief on Sunday January 07, 2024 @07:15AM (#38900606)
Given the market cap of Bitcoin, it would not have a measurable effect simply to shrink the supply by $1M.
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Re:Someone bought 26.9 BTC on Binance and sent it to Satoshi... by krisoft on Sunday January 07, 2024 @07:23AM (#38900657)
Does that also include the publicity?

If the media takes notice and talks about bitcoin, couldn’t that make more people buy and thus drive up the price?

I’m willing to admit that it is a bit 6 dimensional chess explanation.

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Re:Someone bought 26.9 BTC on Binance and sent it to Satoshi... by Sebb767 on Sunday January 07, 2024 @11:20AM (#38902435)
Even assuming that this would increase the price by 5% (which did not happen and would be quite a stretch goal), the sender would have needed to trade in over 20 million USD just to break even. People have bet money on stupider ventures, sure, but the risk and required capital to even hope to make money make this explanation not likely in my eyes.
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