Bitcoin Researchers disagree with single whale theory

• A metric devised by a crypto analytics firm measures the amount of BTC that can be bought with the entire supply of Tether.
• Many experts dismiss the single whale theory, which suggested that one entity was the cause of the historic Bitcoin price surge.

Longhash, a crypto analytics firm, has announced that their researchers have calculated a metric called “Tether Purchasing Power.” The metric provides details on the question of whether Tether (USDT) was used to manipulate the cryptocurrency markets. It helps in measuring the amount of BTC that could be bought with the entire Tether supply at any given time. The higher the ratio, the more likely it is for Tether to manipulate the crypto markets.

According to Longhash’s data, Tether’s purchasing power was the highest in the summer of 2017. It gradually declined towards the year-end. During the bear market in 2018, its purchasing power shot up in a significant manner. Longhash finds evidence to prove that Tether…