Calls for Bitcoin Plunge Emerge Over Mysterious $1.5bn BTC Transfer

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A high-volumed transfer to a Bitcoin exchange wallet made on February 21 has raised calls for a broader price correction among risk-averse traders. An entity (or a group of entities) credited about 28,000 BTC worth over $1.5 billion to an address that reportedly belongs to OKEx’s over-the-counter services. A Twitterati noted that the OTC address further credited BTC into several wallets, one of which reportedly belongs to a “rich” address that has shown associations with multiple cloud mining scams and money laundering activities in Asia. The highlighted address allegedly belongs to a bitcoin scam artist. Source: This Is Bullish Analysts perceive larger crypto transfers to exchanges and their associated services as a sign of imminent selling pressure. A trader most likely deposits bitcoins to public wallets when s/he intends to sell them for cash or exchange them for other cryptocurrency tokens. Conversely, larger withdrawals point to their intention of not…

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