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Whales trade big despite stagnant Bitcoin market

Robert Stevens


Whale watchers have been busy as of late. A slew of whales–the colloquial term for holders of large amounts of cryptocurrency–have been moving hundreds of millions of dollars of bitcoin and XRP to unknown wallets and exchanges. 

The largest shifts, according to the Twitter whale-watchdog, Whale Alert, were near $100 million Bitcoin trades between unknown wallets and the crypto exchange Binance.

On Thursday evening, someone transferred 9,999.9 Bitcoins ($80,331,150 USD) to an unknown wallet. A couple of hours later, the wallet holder sent the same amount—which had already appreciated by some $300,000, back to Binance.

Seemingly unrelated, someone sent 9,240.756 BTC ($74,752,460 USD) to an unknown wallet a couple hours earlier.

In the past 24 hours, other whales have traded close to $100 million of Bitcoin between unknown wallets and exchanges. Among them; $40 million worth of BTC between an unknown wallet and Poloniex, $16 million between Bitfinex and an unknown wallet, and $10 million from Xapo to an unknown wallet

Why? Who knows: the Bitcoin market has remained relatively stable in recent weeks after a nosedive late last month. The price of Bitcoin mid September was around $10,000, but dropped to around $8,000 towards the end of the month. The price has remained fairly stable throughout October. 

In the past 24 hours however, the price has been yo-yoing, as the impact of large movements ripple throughout the ecosystem.