Yesterday at noon, just as Bitcoin continued to follow the downtrend of recent days and fought for the $6,000 mark, Twitter users have witnessed a massive transfer of over 18,000 BTC to BitMEX BTC address. The reason can currently only be speculated.
At around 10:50 am German time, a transaction with 10 BTC initially went to a BitMEX connected wallet address. Half an hour later, 16 more transactions followed, totaling 17,990 BTC. The value of all BTC currently stands at around $114 million. Since the time this transfer has taken place, no further transactions have followed (until the time of writing)
While the wallet address in question is not the property of BitMEX, it can at least be assumed that the address can be assigned to the user group of BitMEX or BitMEX itself because of the 3BMEX prefix. Although most of the wallets associated with BitMEXs’ are prefixed with “3BMEX”, but this fact is only a guess.
In a market that is nervous and interested in any sign that suggests institutional investors are bringing in large sums of new capital, such a move, with a dollar value of more than $ 114 million, is causing quite a stir.
On Twitter, the deal sparked much debate, with users speculating that it was indeed a whale that was transferring a large amount of money to the stock exchange or that this was an attempt by BitMEX to manipulate the market.
Of course, there is also the possibility that the stock exchange has transferred Bitcoin to a cold storage to provide liquidity for the trading platform. The assumption could be likely given that it recently reported a record trading volume of over 1 million in BTC.
According to CoinMarketCap, it is currently the largest Exchange in terms of volume of the top 100 currencies, based on the reported 24-hour volume – and these numbers are being questioned by observers.
Bitmex is a relatively old stock exchange for the crypto-era, which began operations in 2014. The crypto exchange made a name for itself by offering 100x Bitcoin margins.