Massive XRP movement on Bithumb raises questions but may be a routine internal transfer.
Bithumb Sees Unprecedented XRP Withdrawal
An enormous XRP withdrawal has been recorded on South Korean exchange Bithumb, sparking intense market speculation. The move involved 1.586 billion XRP, worth around $800 million, withdrawn from the exchange.
Whale Alert Spotlights Mysterious Transactions
Whale Alert, a tracking service, reported that an initial transfer of 586.09 million XRP, equating to $296.95 million, moved to an unknown address. Shortly after, two additional transfers occurred, each involving around 200 million XRP, totaling $202.76 million.
Newly Created Wallets Receive Large XRP Transfers
All XRP transfers ended up in freshly created wallets, with the largest transaction being 600 million XRP. This unusual activity caught the attention of crypto enthusiasts, who are analyzing its implications for the market.
Market Participants See Possible Bullish Signal
Some market analysts believe large transfers to private wallets indicate accumulation by major investors, which may signal bullish sentiment. Moving XRP off major exchanges can indicate long-term holding intentions.
Experts Suspect Routine Internal Transfers by Bithumb
Despite speculation, industry observers, including XRPwallets—a tracker for large XRP transfers—suggest these transactions are likely internal. They indicate that Bithumb may be redistributing XRP across its wallets rather than involving a “mystery whale.”
Potential Market Impact of Large Transfers
While Bithumb’s recent activity may be routine, the scale of the transfers could impact XRP prices as the market reacts to initial speculation. The full market impact remains to be seen.
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