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?
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.
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.
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%).
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