Bitfinex transferred $1 billion in BTC, and why it is too late to buy BTC
Bitfinex exchange transferred $1 billion in BTC with $80 commission
Cryptocurrency platform Bitfinex confirmed that it was them who made the mysterious transfer of 123,447 BTC (around $1,1 billion) registered by bitcoin enthusiasts. According to the company’s CTO Paolo Ardoino, the transaction was a part of a transfer of 150 thousand BTC to the platform’s hot wallet.
As a result of this operation, the second largest bitcoin address has emerged. It should be noted that the commission for the transfer of $1 B was just $80.
Why it’s too late to buy bitcoin now
In the near future bitcoin’s price will not longer increase, BK Capital Management’s co-found Brian Kelly thinks. He notes that
the growth rate of addresses in the network lags behind bitcoin’s price increase.
“The Bitcoin price got a little bit ahead of the address growth. So, just like I said about Apple, just like I said about the ‘triple Qs’ in 2000. When an asset goes straight up, that’s means a lot of the news is priced in”, — he explains.
According to Kelly, back in December the situation was the opposite, when the BTC price was on a decline, the number of addresses continued to increase. He adds that this was a strong buy signal that turned out to be spot-on.