Whale Alert reported 17 Bitcoin movements with each averaging around 56,000 BTC moving to and from unknown wallets.
Bitcoin moved from Bittrex through various assets: What is going on?
Bitcoin that was stored together on Bittrex exchange was divided into several fractions with each holding over 50,000 BTC. The sum was moved across various wallets in a short time span, yet the reason for these trades remains unknown.
Bitcoin price is recovering as bulls seem to lead the markets. Just recently, around one-third of Bitcoin from Bittrex was moved off the exchange. Now Whale Alert has recorded another series of movements involving Bitcoin that is moved across various wallets.
Any person can use a block explorer to track these trades, and it can be verified that these BTC all ended up in the referenced address. After the first trade, Whale Alert started a tweetstorm as it reported 16 more such transactions before it paused reporting trades related to this source. The alerts were deleted but can still be viewed on the blockchain.
The post received mixed feedback as some users thought that the service had an error that caused it to report as such. However, a larger group seemed to be concerned whether it indicated that a dump was near. After the price of Bitcoin has seen a small rise, there was a concern whether a drop was coming with this transfer.
Other users wondered whether it was the exchange that moved these coins or had a breach occurred. Exchanges being breached is nothing new to the crypto markets. Just last month it was revealed that Bittrex is being sued for crypto SIM hack. Other popular exchanges have also faced hacks and breaches including Coinbase and Binance with the former successfully stopping the attack.
However, the exchange has not revealed anything yet, and it might be just a standard transfer of funds. Although it is odd that the entity is using various wallets to move the funds, which cost it to pay a transaction fee each time the funds move.