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175 Million XRP Shoveled by Galaxy Digital's BitGo; Are Institutions Selling?

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Wed, 02/16/2022 - 15:34
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Yuri Molchan
BitGo custody service has participated in sending 175 million XRP to crypto exchanges
175 Million XRP Shoveled by Galaxy Digital's BitGo; Are Institutions Selling?
Cover image via stock.adobe.com

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Whale Alert crypto tracker has reported that within the last 20 hours, a significant amount of 175 million XRP have been wired by custody platform BitGo and several other crypto exchanges. The destination of some of these transfers were Ripple's ODL platforms—Bitso and Bitstamp.

Since BitGo is a custody crypto platform for multiple institutional investors, it is likely that some of them will be selling part of their Ripple-affiliated tokens, as XRP has been up 11.78% in the past few days and rose over 36% around a week ago.

XRPrises_Feb
Source: TradingView

$142.6 million in XRP on the move

The aforementioned tracking service has published half a dozen tweets with details of transactions that carried 175 million XRP tokens worth $142,624,409.

Crypto custody service BitGo, which stores XRP for many of Ripple's institutional customers, has moved 20,000,000 XRP to the Bitstamp exchange—one of the ODL corridors of the San Francisco-based fintech giant. That comprises $16,564,213.

Last year, BitGo was acquired by Galaxy Digital crypto investment fund spearheaded by Mike Novogratz.

Bittrex exchange has moved 20 million XRP to Bitstamp and the same amount of XRP to Bitso; another ODL exchange working with Ripple, this one is located in Mexico and is the biggest crypto trader in the Latin America region.

XRPBitgo_0034
Image via Twitter

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As for the rest of the transfers, Bitso has shifted 15,100,000 XRP among its own wallets, South Korea-based Bithumb moved 66,999,920 XRP internally and Bitstamp sent 33,000,000 XRP to HitBTC—an amount worth $27,476,838.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.