BitMEX Wallets Mysteriously Shift 15800 Bitcoin Today, What’s Happening?

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.,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. It stated that all customer deposit addresses would be replaced to improve Bitcoin block space usage. 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.,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.,Also Read: Just-In: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?,These movements come at a time of heightened market activity and concern. The German government recently sold over 9,000 BTC from its reserves, and the collapsed Mt. Gox exchange began repaying creditors as part of a $9 billion BTC and Bitcoin Cash (BCH) repayment plan. These developments have led to fear, uncertainty, and doubt (FUD) in the market. Moreover, it caused panic selling and over $600 million in long liquidations.,Meanwhile, the nonfarm payroll and unemployment data from the U.S. Bureau of Labor Statistics influenced the market positively. With job growth slowing and the unemployment rate rising to 4.1%, the market sees potential for more interest rate cuts by the Federal Reserve this year.,This data led to a temporary rebound in the Bitcoin price. The U.S. added 206,000 jobs in June, falling short of market estimates of 190,000 and down from 272,000 in May. Whilst, average hourly earnings for private nonfarm payrolls increased by 0.3% in June, slightly below the estimate of 0.4%.,The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) price index, also showed signs of cooling. Moreover, the headline PCE inflation rate slowed to 2.6% from 2.7%. Whilst, the annual core PCE inflation dropped to 2.6% from 2.8%.,These figures have increased the likelihood of a 25 basis points rate cut in September, as indicated by the CME FedWatch Tool. In case of a Fed rate cut, the crypto industry and Bitcoin could benefit as investor sentiment could shift toward volatile assets. Moreover, Federal Reserve Bank of New York President John Williams noted that cooling inflation is positive. However, he also noted that uncertainty remains as the inflation rate is still higher than the target.,Also Read: Just-In: Mt. Gox Starts Repaying Creditors, Bitcoin To Dip Further?,