Anonymous Bitcoin whale moves out 15,909 Bitcoin worth $638 Million from Bitfinex cryptocurrency exchange. Apparently, only one-tenth of the flagship cryptocurrency went to a Bitfinex hot wallet while the rest was transferred to an unknown crypto wallet. Whale Withdraws $638 Million Worth BTC From Bitfinex On May 18, a whopping 15,909 Bitcoin worth $638 Million was moved out from the Bitfinex cryptocurrency exchange. Out of that, around 2,000 BTC was transferred to a Bitfinex hot wallet while the rest of the 13,909 BTC, was moved to an unknown digital wallet. The anonymous whale is likely to be a high net worth individual or a financial institution that bought the dip after the leading cryptocurrency fell below the $40,000 level yesterday. Interestingly, Bitcoin inflows to cryptocurrency exchanges have surged on May 17 by over a year, blockchain data shows. This indicates that retail traders are likely looking to liquidate their holdings amid the falling Bitcoin market. Data from Glassnode shows that cryptocurrency exchanges have registered a net inflow of 30,749.89 BTC on 17th May. Investors typically transfer their Bitcoins to crypto exchanges when they want to liquidate their holdings. For instance, on Black Thursday, exchanges witnessed a net influx of over 40,000 BTC. During the time, the price of Bitcoin fell by 40% amid coronavirus-induced panic selling. Binance and Coinbase Shows Diverging Trends in Net Flows While net inflows spiked on May 17, data from Glassnode shows that the majority of the Bitcoin inflows occurred mainly on Binance, a preferred venue for retail investors. Meanwhile, U.S.-based exchange Coinbase has continued to register Bitcoin outflows, indicating persistent demand from institutional investors looking to buy the price dip. On May 17, Binance received 26,000 BTC of the total net inflow of 30,749.89 BTC while Coinbase registered a net outflow of 146 BTC. In recent weeks, the two cryptocurrency exchanges have seen diverging trends in net flows in recent weeks. For instance, the balance held on Coinbase has declined by 34,408 BTC since April 19 while the balance held on Binance has increased by 95,397 during the past month.
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