Forex and Crypto News

What do the crypto whales games mean?

15:10 07 October /2019

On October 6, crypto whales transferred over $8 million from Bitfinex and $50 million from Huobi to Binance wallets. Some users saw this as a “local bottom” signal that would be worth buying.

Millions of dollars, of course, often move between exchanges. However, the recent transfer from Huobi to Binance has been particularly noteworthy:

“50 399 967 USDT ($50 572 438) were transferred from an unknown wallet to Binance”.

However, it later became clear that the amount was transferred from a hot wallet on the Huobi exchange. This means that someone, for unknown reasons, withdrew $50 million from Huobi to deposit it on Binance.

Another user, Samuel Gosling, also reported a similar transaction that occurred around the same time as the first. It was a transaction of $8,196,029 from a Bitfinex wallet to a Binance wallet. The question of whether there is a connection between these transactions remains open:

“Something strange is happening ... both recent transactions have diverted funds to Binance. Another $8 million transactions are from our friend Bitfinex.”

This is hardly a coincidence - two huge transactions from hot wallets to the same exchange during the day. Perhaps a major player decided to buy on a fall. It is also possible that this is a false buy signal to force investors to put up more long positions and liquidate them.

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