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$300 million worth of Bitcoin moved in a single day through Bitfinex $300 million worth of Bitcoin moved in a single day through Bitfinex

$300 million worth of Bitcoin moved in a single day through Bitfinex

Data via Glassnode

Bitcoin market vibrancy highlighted by $300 million 'whale' inflow via Bitfinex.

Quick Take

Nov. 2, 2023, carved its place in the crypto-annals as the day witnessing the seventh-largest inflow into exchanges for the year, a significant moment primarily driven by transactions exceeding $10 million, typically classified as ‘whale activity.’ During this financial maelstrom, over $300 million entered the exchange market, equivalent to an influx of more than 7,000 BTC.

Net Transfer inflow/outflow: (Source: Glassnode)
Net Transfer inflow/outflow: (Source: Glassnode)

This record-breaking movement was predominantly channeled through Bitfinex, marking it as the fourth substantial influx within this year alone. The three other significant inflows transpired following the SVB collapse in March. It’s evident that these ‘whale’ activities were geared towards capitalizing on profits. A similar trend may reoccur, given that Bitcoin has seen a 25% appreciation over the past month.

Net Transfer inflow/outflow: Bitfinex: (Source: Glassnode)
Net Transfer inflow/outflow: Bitfinex: (Source: Glassnode)

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