The bulk of the transfer was made from 16 wallets at 08:50 GMT.
Interestingly, this happened just before the price of Bitcoin recovered from under $6,000 to approximately $6,400 over the following 24 hours.
All of these wallets sent 464.9 BTC to another, unidentified wallet at the same time.
Ecological effect of migratory patterns
This could be significant because large movements of Bitcoin can have a drastic effect on the market. In February 2018, a man called Nobuaki Kobayashi, who is the bankruptcy trustee for once-dominant Bitcoin exchange Mt. Gox, sold 18,000 BTC, causing Bitcoin to crash the following day.
Then in April, the Bitcoin price dropped after two unidentified users moved sums of 6,000+ Bitcoin, although there were political developments happening at the same time which could have affected the price.
BitMEX, which stands for Bitcoin Mercantile Exchange, is a Bitcoin/dollar derivatives market based in the Seychelles. It offers Leverage of up to 100x, according to its website, which also claims 24-hour trading volumes of $4.95 billion.
It broke its own record on the 25th of July 2018 by processing more than one million Bitcoin contracts in a single 24 hour period:
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
XBT is described on the BitMEX website as a 'Bitcoin Perpetual' - a perpetual is a bond with no expiration date. The exchange also offers Ethereum-based derivative trading, to which it attributed its record volumes.
In January 2018, the exchange sold all of its Bitcoin Cash for Bitcoin, compensating customers at the rate of 1 BCH to 0.1707 XBT. BitMEX CEO Arthur Hayes is an optimistic man; he told CNBC that he expects BTC to reach $18,000 each by the end of this year.
What can be concluded from this?
As you may have noted, the price of Bitcoin has risen in this case, in contrast to what has happened in similar situations in the past. A couple of hypotheses can be made. One is that the market has responded favourably to the fact that this particular venue received a large amount of money. Another is that the market has not responded to it at all, and would have risen anyway. If the latter is the case, we should also ask ourselves if the previous price drops were really the result of large transfers.
Another point to take into account, however, is that this transfer does not seem to have been widely reported, in contrast with the earlier examples. In terms of cryptocurrency, this is very significant, because social media chatter has a real effect on prices.
18,000 bitcoins were transferred to a Bitcoin derivatives exchange called BitMEX yesterday. This is worth $114,768,824 at the current price.
The bulk of the transfer was made from 16 wallets at 08:50 GMT.
Interestingly, this happened just before the price of Bitcoin recovered from under $6,000 to approximately $6,400 over the following 24 hours.
All of these wallets sent 464.9 BTC to another, unidentified wallet at the same time.
Ecological effect of migratory patterns
This could be significant because large movements of Bitcoin can have a drastic effect on the market. In February 2018, a man called Nobuaki Kobayashi, who is the bankruptcy trustee for once-dominant Bitcoin exchange Mt. Gox, sold 18,000 BTC, causing Bitcoin to crash the following day.
Then in April, the Bitcoin price dropped after two unidentified users moved sums of 6,000+ Bitcoin, although there were political developments happening at the same time which could have affected the price.
BitMEX, which stands for Bitcoin Mercantile Exchange, is a Bitcoin/dollar derivatives market based in the Seychelles. It offers Leverage of up to 100x, according to its website, which also claims 24-hour trading volumes of $4.95 billion.
It broke its own record on the 25th of July 2018 by processing more than one million Bitcoin contracts in a single 24 hour period:
A new BitMEX (and industry) record: 1,000,000 XBT (> $8BN) traded in the last 24 hours!
XBT is described on the BitMEX website as a 'Bitcoin Perpetual' - a perpetual is a bond with no expiration date. The exchange also offers Ethereum-based derivative trading, to which it attributed its record volumes.
In January 2018, the exchange sold all of its Bitcoin Cash for Bitcoin, compensating customers at the rate of 1 BCH to 0.1707 XBT. BitMEX CEO Arthur Hayes is an optimistic man; he told CNBC that he expects BTC to reach $18,000 each by the end of this year.
What can be concluded from this?
As you may have noted, the price of Bitcoin has risen in this case, in contrast to what has happened in similar situations in the past. A couple of hypotheses can be made. One is that the market has responded favourably to the fact that this particular venue received a large amount of money. Another is that the market has not responded to it at all, and would have risen anyway. If the latter is the case, we should also ask ourselves if the previous price drops were really the result of large transfers.
Another point to take into account, however, is that this transfer does not seem to have been widely reported, in contrast with the earlier examples. In terms of cryptocurrency, this is very significant, because social media chatter has a real effect on prices.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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