CDS Crypto News Bitcoin Price Drops to 8.9K Dollars as BitMEX Whale Initiates Sell-Off
Crypto News

Bitcoin Price Drops to 8.9K Dollars as BitMEX Whale Initiates Sell-Off

An unidentified entity swiftly sold more than 400 BTC on the BitMEX BTC/USDT spot market, prompting BitMEX to launch an internal investigation into the matter.

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Bitcoin Price Drops To 8.9K Dollars As Bitmex Whale Initiates Sell-Off

Crypto News– Cryptocurrency derivatives exchange BitMEX initiated an investigation into “unusual activity” following reports from users regarding a momentary plunge in the Bitcoin (BTC) ticker to $8,900 on the platform.

Bitcoin Price Drops to 8.9K Dollars as BitMEX Whale Initiates Sell-Off

Around 1 am UTC, users noted an anomaly in BitMEX’s BTC/Tether spot market, causing a temporary drop in Bitcoin prices. An unidentified entity reportedly executed a sell-off of over 400 BTC within a short timeframe. BitMEX acknowledged the substantial sell order on the BTC/USDT spot market and commenced an internal investigation. However, the derivatives markets and XBT derivatives contract prices remained unaffected by the incident.

As per crypto researcher Syq, the unidentified whale sold approximately 400 BTC in increments of 10–50 BTC over two hours. It was also disclosed that BitMEX had restricted withdrawals from certain accounts. In response, BitMEX clarified that withdrawals were only disabled for a few accounts involved in the investigation.

BitMEX assured users that its trading platform was functioning normally and all funds were secure. When approached by Cointelegraph for comment, BitMEX declined to provide specifics on individual user actions or the exact order size, citing an ongoing investigation. The company emphasized that such investigations were routine and would continue until further notice.

Former BitMEX CEO, Arthur Hayes, previously expressed concerns regarding the potential impact of spot Bitcoin exchange-traded funds (ETFs) on the cryptocurrency. Hayes warned that if Bitcoin ETFs gained widespread success and ETF issuers hoarded all BTC, it could negatively affect the Bitcoin network’s transaction volume. This, in turn, might lead to miners shutting down their operations due to lack of profitability, ultimately resulting in the collapse of the Bitcoin network.

Bitcoin Price Drops To 8.9K Dollars As Bitmex Whale Initiates Sell-Off

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