BitMEX’s big whale sells a whopping $5 million worth of Bitcoin

Skew Markets Bitcoin futures

Most read

Loading Most Ready posts..


BitMEX’s big whale was picked up by WhaleTrades, a popular Twitter account that tracks large cryptocurrency transactions. The account revealed that a whale has sold $5 million worth of Bitcoin at $9,749.69.

Pump and dump?

Right before BitMEX’s big whale initiated the sell order, Bitcoin broke above $9,880 to set a new yearly high. Unfortunately, the market quickly corrected, bringing Bitcoin back down to $9,760 just minutes later, leaving many with the impression of a pump and dump scheme.

However, a pump and dump seems unlikely. Crypto trader Salsa Tekila had warned the community of a potential Bitcoin flash crash right after identifying a long-wick candle formation on the coin’s short-term charts. The trader stated he would be selling all his Bitcoin positions because the apex cryptocurrency was looking poised for a “flashdump.”


Bitcoin’s volatile price nature has resulted in some negative sentiment from traders, with some suggesting a volatile price reversal in Bitcoin’s near future.

Bitcoin to $10,000?

However, Bitcoin has been teasing the $10,000 mark for some time now, leading many to wonder when the coin will finally break through this resistance level. The bullish sentiment is still strong, however, as several altcoins have been reporting double-digit gains.

Furthermore, recently published data by monitoring platform Skew Markets has revealed that Bitcoin futures with a May 2020 and June 2020 expiry date are edging their way to $10,000. This reinforces the idea that Bitcoin’s recent bullish trend could continue for the foreseeable future. Skew markets - Bitcoin futures

Image source: Skew.com

At the time of writing, Bitcoin is trading at almost $9,800 ($9,748.99), an increase of 0.20 percent in the last 24 hours.

Additionally, BitMEX is reporting a surge of interest in Bitcoin futures, with open interest spiking by 60 percent since the start of the year, rising to a new yearly high of just under $1.5 billion ($1.43 billion). Open interest refers to the size of the contracts that buyers and sellers have opened on the exchange.

In similar news, BitMEX recently launched Ripple (XRP) to USD swaps. While having little impact on XRP’s price performance initially, the news eventually saw the project climb about nine percent.

Watching whales has been a very exciting hobby by crypto enthusiasts – to what end?

bitmex's big whale


Featured image by Pixabay

Share link:

Richard Allen

Richard specializes in writing about cryptocurrencies globally, as well as other financial and economic articles, covering various geographical locations and markets. He leverages his experience in financial issues management to advise clients on the relevance of media coverage in relevant markets. He holds a BCom degree in marketing.

Stay on top of crypto news, get daily updates in your inbox

Related News

Subscribe to CryptoPolitan