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100M USDT are on the way to BitFinex while BTC Shorts surges

As we all now, there are lots of question marks around Tether USDT. The so-called stable coin. The are even more question marks when referring Tether to BitFinex.

Looking at BitFinex wallet’s transactions, we do see a lot of action and heavy transfers during December 2017 and January 2018 (Bitcoin was at its peak) and also May 2018. But, another interesting thing has happened during recent weeks.

Just an hour ago, there is another rare (to those days) $100 Millions worth of USDT transferred from the cold storage.

The interesting fact is that the last two times before today, when 100M USDT worth was transferred from the cold wallet to the exchange’s wallet are marked in yellow circles:

BTC_USDT_Aug

July 24, 2017: A daily Bitcoin movement of $800 (Low at $7690, High at $8502).

August 21, 2018: A huge daily movement of $650: Low at $6250, High at $6899. We can refer to the movement of the two days, and the manipulation that occurred on August 22nd at around 1 AM UTC (so basically it’s it’s the same day). As a reminder, on that day BitMEX had a scheduled maintenance, that’s a very good time for price action and burn of short positions.

It will be interesting to see if there is any correlation that can lead to a price action coming ahead.

Shorts had increased dramatically

From the other side, during recent hours, the amount of short positions on BitFinex had increased rapidly. There is a 50% gain over the past 24 hours, and current open short positions had increased by 10,000 BTC (~73 Million USD) in just couple of hours.

Cryptocurrency charts by TradingView.

The post 100M USDT are on the way to BitFinex while BTC Shorts surges appeared first on CryptoPotato.

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