👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

$100 Million Bitcoin Mystery Stuns Top Exchange in 24 Hours

Published 2024-09-15, 12:39 p/m
© Reuters.  $100 Million Bitcoin Mystery Stuns Top Exchange in 24 Hours
BTC/USD
-
COIN
-

U.Today - Although Saturday and Sunday are traditionally days off for the traditional financial markets, the crypto world never sleeps, especially on the weekends. Thus, the last 24 hours were once again accompanied by a series of events on the market and behind the scenes — in the on-chain realm.

One of these events was a sudden withdrawal of over 1,734 BTC, equivalent to about $103.62 million, from the top exchange BitGo to the unknown wallet "bc1qzqp5." The latter is a completely new entity and had no transaction history before, according to Arkham Intelligence data.

Now, this unknown anonymous whale owns a seven-figure stash of Bitcoin. Interestingly, before the cryptocurrency hit this wallet, this amount of BTC was stored in another wallet — "bc1qg9ucy" — which received it from BitGo three weeks ago. We cannot rule out that both addresses belong to the exchange itself.

However, there is no information about this and it doesn't mean much. What really matters is the perception of market participants about this development.

Withdrawals from exchanges are seen as bullish events according to common sense. What is more interesting is that this move came in anticipation of the Fed's interest rate decision next Wednesday.

This decision is especially important as it could bring the first rate cut in years after years of tightening monetary policy. Right now, market participants are guessing whether the cut will be an immediate 50 basis points or only 25 basis points.

All of these factors and speculations are causing volatility in the crypto market. If this whale is indeed a buyer, then its bias is probably toward the bullish consequences of the Fed's rate decision.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.