In the late evening in the pearl of Africa, at around 5.16 PM on Wednesday, March 4, 2020, an alert on a huge move of Bitcoin (BTC) stash pops up on my laptop. It turns out a Bitcoin whale, is once again moving coins, this time a 15,000 BTC stash, worth approximately $131 million USD, moved to Bitfinex exchange. Could this signal a possible selloff towards the $8,500 USD level?
Over $130 million in BTC transferred to Bitfinex hot wallet
Most of the large stash of coins are transferred between unknown wallets as HODLers or custodial services secure the digital assets. Recently, a whale moved $129 million in BTC between wallets, paying a fee of $1.21 USD. However, a move of such magnitude to an exchange raises questions on a possible dump or purchase of altcoins.
— Whale Alert (@whale_alert) March 4, 2020
According to reports from Whale Alerts, a crypto whale movement oracle, 15,000 BTC (~$131,672,424 USD) have been transferred to Bitfinex hot wallets. The transaction fee was less than a dollar (~$0.79 USD) further showing the need for Bitcoin as a payment system.
Is the sending address affiliated to Bitfinex?
Well, some of the crypto enthusiasts have been quick to note the sending wallet address is a Bitfinex exchange cold storage wallet, which quenches the fear of a possible selloff. According to Bitinfocharts.com, the sender wallet (bc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97) is a Bitfinex cold storage wallet.
Well, it may be just another case of adding liquidity to a poorly performing market with no real effect felt in the Bitcoin market so far. The price of BTC stands at $8,751 USD, as at time of writing, showing no discernible change in the past 24 hours (-0.51%).