Bitcoin Whale Alarm: 9,200 BTC on Bitfinex and Binance

Home » Bitcoin News » Bitcoin Whale Alarm: 9,200 BTC on Bitfinex and Binance

No sooner does the Bitcoin price head south than large amounts of BTC is transferred to stock exchanges. A Bitcoin Whale attracted some attention a couple of hours ago. It involves approximately 9,200 BTCs with the same value of over USD 90 million that are transferred to Bitfinex and Binance.

We are taking a better check out the transfer and giving our assessment of how this movement could affect the Bitcoin price.

Bitcoin Whale move 9,200 BTC to Bitfinex and Binance

The magic behind the Bitcoin Whale movements is minimal, yet there’s always panic when BTC Whales depart. They’re still the most important animals within the Crypto Waters, and not all of them are well-disposed towards us. Great dangers can lurk, primarily when BTCs flow in large quantities to a Bitcoin exchange. This can increase price pressure, a minimum of locally on the transaction, and maybe hurt the Bitcoin price.

The latest Bitcoin Whale transaction was discovered on Twitter by colleagues from WhaleAlert. During this case, 6000 Bitcoins were transferred from an unknown address to the BTC address of Bitfinex.

Also, another 2,000 BTCs, worth almost USD 20 million, were transferred to Binance a couple of minutes ago, even from an unknown address. So possibly another Bitcoin Whale, who wants to urge his coins dry today.

Also, there have been other, smaller transactions of 582 BTC on Binance and 700 BTC on Bitfinex. This suggests that today alone, over 9,200 BTC were transferred to different exchanges.

 

Internal transfer, dump risk or normal sale?

Many people are asking themselves whether or not they should expect another Bitcoin price dump or whether or not they should throw their stocks behind in the panic. We will reassure you because, albeit Bitcoin Whales are the “big fish” within the Crypto-Space within the most real sense of the word, they do not always pose a danger even in such a situation. Most of the action happens behind the scenes via OTC services. If the BTC sale does happen on a stock market, it always happens in smaller packages. This suggests that the sales have only a minor impact on the worth pressure and thus don’t cause significant Bitcoin price movements.

But we should always not forget: The crypto market remains heavily manipulated. The market is little and may already be moved during a specific direction by relatively small sums. Therefore, we cannot rule out at now that the Bitcoin price could also be facing a short-term dump. But do not be intimidated by these movements and manipulations. Such sales only have a brief-term impact on the BTC price and can be picked up again quickly when demand is robust.

Moreover, it’s currently unclear to whom the unknown address belongs. It’s going to also theoretically be a transfer of the exchange itself, which has transferred some BTCs from the new wallet to a chilly wallet. Finally, it can’t be clarified now. As always, we’ll keep you up so far with further essential events and knowledge.

Will several Bitcoin Whales cause a dump?

 

 

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