Over $130 Million USD In Bitcoin Transferred To Bitfinex Hot Wallets Boosting BTC’s Liquidity

04 Mar, 2020

By Lujan Odera

Contributor

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 15,000 #BTC (131,672,425 USD) transferred from unknown wallet to #Bitfinex

Tx: https://t.co/IwLHjAZkmd

— 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%).

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.