After the massive turmoil on the cryptocurrency market in the past few days, on Wednesday, March 5, we saw a rebound, with the prices of digital assets shining green. In the midst of this relief, an unknown large investor withdrew 95,254,697 XRP, equivalent to 235.67 million USD, from major centralized exchange OKX.
The transfer occurred in just one take, and a colossal sum of XRP tokens left the exchange for the wallet "rBuZfn," according to a report by Whale Alert. This is not a new, freshly created address, and has a history of transactions, despite being registered as recently as last month.
Yuri MolchanThe thing about such sudden shifts of massive amounts of cryptocurrency is that they are seen by market participants as an act of buying by large investors, often referred to as whales.
In this case, what stands out is that this address often sends tokens to various centralized exchanges, from top-tier ones like Coinbase and Upbit to smaller ones like LBank. This leads to the thought that it might not belong to another entity operating within the infrastructure of the market, and XRP in particular.
Arman ShirinyanEven if it is internal operations of OKX, in the eyes of the ordinary crypto enthusiast who sees the report by Whale Alert, it will still be seen as an act of a whale withdrawing just bought tokens from the exchange.
Considering that this post has been seen by almost 75,000 people, it is safe to assume that not many of them will dig deeper to know who made this transaction and why, or make an investment decision based on this post alone.
Dan Burgin
Vladislav Sopov