$100m Tether USDT moved to Bitfinex exchange - BTC pump incoming?

02 Sep, 2018
by Matthew Kim
News
$100m Tether USDT moved to Bitfinex exchange - BTC pump incoming?

Usually, when enormous amounts of stable coin Tether (USDT) are moved to an exchange, it means that people are about to buy back a whole lot of Bitcoin. It has been reported that $100 million worth of USDT is being transferred to BitFinex from cold storage.

According to CryptoPotato, the last two times that something like this happened was on July 24th and August 21st of 2018. On July 24th, Bitcoin moved $800 upwards, from $7690 to $8502, following the massive wallet transfer. And on August 21st, Bitcoin quickly jumped $650, from $6250 to $6899, before coming back down.

There is no guarantee when it comes to these things, especially with cryptocurrency, but history says that it is likely that we will see another quick pump soon. At the time of writing, Bitcoin sits at $7265 having moved up 1.3 percent in the last 24 hours, and 8.5% in the last week.

However, the other side has also been increasing their bets: number of short positions on Bitfinex has increased hurriedly in the last several hours. The amount of short positions have increased by 50% in the last 24 hours. In the last few hours alone, the open short positions have increased by 10,000 BTC, which is approximately $72 million.

Read more about: Bitcoin (BTC)

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