🚨 BitMEX Wallets Mysteriously Shift 15800 Bitcoin Today, What’s Happening? 🚨🚀
BitMEX’s recent actions suggest a strategic financial move rather than cause for alarm. The exchange’s deposit wallet address, bc1q…pens, has received 22,686.27 BTC to date, with today’s transactions accounting for 15,806 BTC. The wallet currently holds 22,685 BTC, worth approximately $1.27 billion, with minimal transfers to hot wallets. 🥺🔥🔥🔥🚀
In a surprising move amid a volatile crypto market, data from Arkham reveals that BitMEX, a prominent crypto exchange, transferred over $800 million worth of Bitcoin (BTC) in two significant transactions. These transactions occurred amid a general downturn in the crypto market. However, Bitcoin rebounded above $55,000 after plunging to a low of $53,000 earlier.
BitMEX Wallet Shifts Massive Bitcoin Reserve
According to Arkham Intelligence, the transactions involved 11,303 BTC worth $624 million and 4,503 BTC, valued at $249 million, all between BitMEX addresses. Moreover, this led to a daily total outflow of over 22,000 BTC from the exchange. The recent BitMEX transactions have triggered a significant reduction in the overall Bitcoin exchange reserve.
Hence, the BTC exchange supply plummeted by 21,000 BTC in a single day. This reduction contrasts sharply with the seven-day net inflow of 7,000 BTC into exchanges before these transactions, which now shows an 8,900 BTC outflow. The market interpreted these massive outflows as a sign of large-scale buying by institutions or whales. However, it could also be linked to BitMEX adjusting its insurance funds.
BitMEX had previously announced a wallet upgrade in June 2023. This upgrade moved away from an on-chain multisignature wallet containing the private keys of BitMEX founders.
The recent transfers appear to be a continuation of this process, shifting the remaining Bitcoin from legacy addresses (3BMEX…) to new wallets. BitMEX made it clear that these large transfers could lead to third-party reports of significant on-chain asset movements.
