Bitfinex Sees $6 Million Bitcoin Deposit — Is a Dump Incoming?

As BeInCrypto has been reporting recently, the past week has seen many large Bitcoin wallets on the move. Two days ago, one whale moved some 1,000 BTC ($8.3M) to an external wallet from Bitstamp. Then, just yesterday, another major player in the market transferred 650 BTC ($5.3M) from Coinbase to an external wallet. Even more remarkably, last week, around 2,407 BTC ($19.6M) was moved from Coinbase to a private wallet. In short, whales clearly seem to be accumulating Bitcoin and storing it for the long-term. The largest players in the market are seemingly starting to HODL.

Bitcoin Whale Breaking Rank?

However, it looks like one whale has decided to fall from the ranks and transfer to an exchange — presumably to sell. Whale Alert (@whale_alert) was recently set off due to a large transfer of 750 BTC ($6.1M) to Bitfinex.

750 #BTC (6,186,001 USD) transferred from unknown wallet to #Bitfinex

Tx: https://t.co/9cGGVAW7cr

— Whale Alert (@whale_alert) October 15, 2019

Bitcoin, however, seems to be undeterred by the move. The leading cryptocurrency is stable for the day and is up just 0.11 percent, at the time of this writing.

Much Ado About Nothing?

What’s strange about the transfer is that it was from a Bitfinex wallet to another Bitfinex wallet. The original address is not completely empty. The recipient address now holds 890 BTC. The amounts are too small to be considered a cold wallet, so it could just be a wealthy individual changing accounts on the exchange. Overall, it seems to have had no impact on the market whatsoever. Oftentimes, looking at major transactions in the market can give us a hint as to what to expect in the near future. With so many of the major Bitcoin wallet accumulating, it seems that something is brewing in the background. If so, we could see Bitcoin end Q4 on a very strong note. Do you expect Bitcoin to rise until 2019? What are your predictions? Let us know your thoughts below in the comments.