Crypto traders are tracing the origin of a series of huge Bitcoin, XRP and Ethereum transfers.
In a span of about three hours, 18,000 BTC worth $134 million, 609,999,960 XRP worth $168 million and 432,000 ETH worth $97 million moved between crypto wallets.
The origin of the Bitcoin transfer has been identified as a wallet belonging to the crypto exchange Bithumb. This suggests the whale was either an investor moving funds off of the exchange or Bithumb itself shifting around its assets to keep them secure.
Data from the crypto analytics company Coinfirm shows a breakdown of the BTC’s transaction history.
ℹ️ The #BTC of this transaction originated from #Bithumb and is possibly a consolidation of cold wallets into a new cold wallet. A visualization of the history of the transaction can be seen below. Source: @Coinfirm_io pic.twitter.com/3yEp80Qwk7
— Whale Alert (@whale_alert) October 24, 2019
About an hour after the Bitcoin transfer, a separate whale moved 600,000 ETH worth $97 million in two transactions.
The ETH in question is also connected to Bithumb. However, the exchange has not commented on either the Bitcoin or Ethereum transfers, leaving traders wondering exactly why all the crypto is on the move.
Two hours after the Ethereum transfers, three big XRP movements hit the ledger – all connected to Bithumb.
- 80,000,000 XRP worth $22 million transferred from Bithumb to unknown wallet
- 79,999,980 XRP worth $22 million transferred from Bithumb to unknown wallet
- 449,999,980 XRP worth $124 million transferred from Bithumb to unknown wallet
So far, Bithumb has not commented on any of the crypto transfers.
In addition, the company has not announced any scheduled maintenance or plans to move funds between hot or cold wallets.