Bitcoin Whales Shifts Million Dollar Worth Cryptocurrencies After Experiencing Drop-In Price

September 9, 2020      Jyoti Singh

Soon after the Bitcoin price came down by 10 percent due to a heavy sell-off on September 04, Bitcoin Whales move its million dollars worth crypto.

Whale Wallet Transfers Cryptos To Huobi And OKEx

An on-chain tracker, Whale Alert, recently released a data notifying that on September 05, Bitcoin worth around $60 million has been shifted from ‘whale wallet’ to two Asian exchanges .i.e, Huobi and OKEx. 

Whale Alert further mentioned that the very next day the wallet again moved around Bitcoin worth $20 million to other exchanges.

As per the report, on September 05, Bitcoin worth around $23 million had been transferred to, one the largest crypto exchange around the world by trading volume, Binance. It is to be noted that the transactions have been made in two sets on the same day, at first, the exchange received 1,175 Bitcoin and later it received 1,000 Bitcoin.

The report further stated that recently, an unknown wallet received more than 1000 Bitcoin worth $10 million from an institutional Bitcoin custodial service Xapo Also, there has been no inflow of cryptocurrencies in Xapo.

Crypto Exchanges And Custodial Services Move Cryptos Regularly

The movement of the Bitcoin whale is neither because of large investors nor the traders, who sell-off their Bitcoin holdings. However, this happened because the crypto exchanges and custodial services could not hold the user funds for very long in their hot wallet, therefore, they always keep moving them.

If the cryptocurrencies have been shifted by the wallet itself then it should not affect the digital asset’s price.

Recently, the founder of BTSE crypto exchange, Jonathan Leong, said, “It is nothing out of the ordinary, every few days there are in and out transfers of 2,000-3,000 BTC from unknown wallets to OKEx.”

Regarding this movement, the CEO of OKEx Jay Ho stated that these kinds of tweet alerts could spread FUD among the crypto community.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.