More than $ 190 million in Bitcoin liquidated position on BitMEX and the BTC whale on Bittrex
The crypto market had a lot of significant fluctuations yesterday amid a sell-off. More than $ 190 million long orders and shorts were liquidated on the derivatives exchange BitMEX. Besides, the whale on Bittrex has also rocked the market, with more than 47,000 BTC circulating between wallets.
More than $190 million liquidated on BitMEX
According to data analysis site Skew, about the US $ 6.1 million bought and the US $ 190 million sold were traded on the exchange, totaling the US $ 196 million for both long and short positions.
The wave began yesterday evening; the price of Bitcoin started to drop below the $ 9,000 threshold. An hour later, BitMEX has witnessed a spike in volume since the beginning of the year, rising to over $ 100 million.
The volume of positions handled on BitMEX | Skew
The volatility of the BitMEX derivative market occurred after the sell-off in the crypto spot market caused the price of the largest cryptocurrency market to fall by more than 6% to below $ 8,675.
As Covid 19 became more complex, the traditional financial market suffered similar fluctuations as the S&P500 and Dow Jones Industrial Average fell more than 7% this week.
The latest fluctuations of the BTC market are like cold water for the name “safe haven assets” to replace instabilities in the stock and bond markets.
Coinist analyst Luke Martin said:
“Bitcoin does not correlate with other assets. If the stock plummets, this does not mean that Bitcoin will rise. If the price of gold goes up, this certainly doesn’t mean Bitcoin will go up with this kind of asset.”
Besides, the volume of options on OKEx, another well-known derivative exchange similar to BitMEX, also witnessed significant growth, above $ 15 million.
The volume of options traded on OKEx | Skew
Traders on major exchanges such as BitMEX are currently heading towards the 200-day moving average at $ 8,773, failing to close above this threshold could cause the market to sink deeper next week.
Two consecutive gargantuan Bitcoin transfers – 47,452 BTC each
Elsewhere, 47,452 BTC was transferred from Bittrex to an anonymous wallet address.
? ? ? ? ? ? ? ? ? ? 47,452 #BTC (414,953,919 USD) transferred from #Bittrex to unknown wallet
— Whale Alert (@whale_alert) February 27, 2020
It is not clear what the purpose of this account is. However, many people believe that this is a scam exit from Bittrex. However, it is still only doubted, and there is no definite evidence. AZCoin News will continue to update the information to readers.
Bittrex hacked, scam!
— John (@_great_good) February 27, 2020
Update: Soon after, Whale Alert discovered yet another massive Bitcoin transfer, which is also 47,452 BTC. So, a total of $ 828,272,572 BTC has been circulated in the last few hours.
? ? ? ? ? ? ? ? ? ? 47,452 #BTC (414,136,286 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 27, 2020
Transactions are made from exchanging Bittrex to wallets with unregistered owners and then returning to Bittrex. In the last BTC transfer, it seemed that the purpose was a change in transactions. The anonymous wallet in both transfers remains the same.
? 2,000 #BTC (17,654,162 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) February 26, 2020
Earlier, 2,000 BTC ($ 17,654,162) were sent from Binance to an anonymous wallet. Later, 2,050 BTC ($ 18,151,403) were transferred between the two Binance wallets.
? 2,050 #BTC (18,151,403 USD) transferred from unknown wallet to #Binance
— Whale Alert (@whale_alert) February 26, 2020
Read more:
- Tron Founder Justin Sun Predicts Bitcoin Price Will Reach $ 100,000 By 2025, Hold Bitcoin, Ethereum And XRP
- Global Markets Are Being Rattled By Coronavirus Fears, Is Bitcoin Price And Cryptocurrency Market Affected?