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Bitfinex Moves Gargantuan Bitcoin (BTC) Chunk, Here's Surprising Destination

Tue, 07/25/2023 - 11:28
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Yuri Molchan
Major exchange Bitfinex has seen hundred million USD in Bitcoin withdrawn from it, here's what research report has to say about this
Bitfinex Moves Gargantuan Bitcoin (BTC) Chunk, Here's Surprising Destination
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Approximately 22 hours ago, Whale Alert blockchain tracking platform, which tracks down large crypto transactions, spotted 3,500 Bitcoins moved from the Bitfinex exchange, one of the earliest and biggest crypto platforms on the market.

Chinese crypto journalist and blogger Colin Wu shared a comment from the recently launched Arkham Intelligence platform relating to that on his Twitter page.

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$102 million in BTC on move

According to Arkham data, the wallet, to which the aforementioned transaction was sent — 3E3CPTRLjTJe7GQuxMKpwmai2yFbkuGDMV — belongs to Bitfinex itself; it is the transit address of this trading platform. It received 3,500 BTC, which was equal to roughly $102 million at the moment of the transfer.

Wu stated that there had been two other rounds of BTC transfers from Bitfinex to that very same wallet, which carried large chunks of Bitcoin. They were later sent on to other wallets that belonged to the exchange.

At the time of this publication, 3,500 BTC are worth $102,160,100 in total.

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BTC network is growing again — "bullish sign," analyst says

Crypto analyst Ali Martinez has shared a Glassnode screenshot showing the number of new Bitcoin wallets rising up. The analyst commented that this clearly indicates the Bitcoin network has begun growing again and called it a bullish sign as it signals an uptick in the utilization of the BTC network.

Earlier this week, Santiment on-chain data aggregator tweeted that it is worth watching the growth in the number of large Bitcoin wallets as the summer keeps rolling on. If the amount of wallets containing 100 BTC and more begins to rise again, this may signify high odds of another price breakout coming soon after that.

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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