Bitcoin’s big sell-off is coinciding with a surge of activity from BTC and Tether whales, who transferred a total of $264 million in crypto in the last 24 hours.
Bitcoin whales moved 14,919 BTC worth $143.06 million in the past day. The largest single transaction saw 5,000 BTC worth $48.6 million sent from crypto exchange Bitfinex to a wallet of unknown origin.
— Whale Alert (@whale_alert) May 9, 2020
According to the whale watching bot Whale Alert, three of the six largest transfers in the last day involved BTC moving from an unknown wallet to an exchange, where the cryptocurrency could be sold in the open market.
Two transfers did the opposite, sending BTC from an exchange to an unknown wallet, which suggests those traders may be locking their cryptocurrency in private wallets.
The last big transfer of the day appears to involve an internal movement from Bitfinex.
- 2,000 BTC worth $17.6 million sent from unknown wallet to Binance
- 2,500 BTC worth $24.0 million sent from unknown wallet to OKEx
- 2,864 BTC worth $27.9 million sent from OKEx to unknown wallet
- 5,000 BTC worth $48.6 million sent from Bitfinex to unknown wallet
- 1,056 BTC worth $10.2 million sent from Bitfinex to Bitfinex
- 1,499 BTC worth $14.7 million sent from unknown wallet to Huobi
Tether whales have also been busy in the last 24 hours.
Whale Alert is tracking two huge transfers totaling 121,104,000 USDT worth $121.3 million.
- 58,000,000 USDT worth $58.1 million sent from unknown wallet to Binance
- 63,104,000 USDT worth $63.2 million sent from unknown wallet to Binance