Bitcoin rise to 9500$ level and this makes it happy to many people.
Sounds very right?
I am happy too as a crypto trader for 5 years.
But...
Did you ever check Bitfinex's cold wallet Bitcoin movements?
Bitfinex is the partner of Tether and there is a legal lawsuit against them in Southern district of New York.
You can read the my previous content about this case with this link.
https://www.publish0x.com/snowundersun/lawsuit-against-tether-xdrrjek
Let's go back to the topic.
More that %50 of Bitcoins in Bitfinex's cold wallet were transferred in last 90 days. Significant ratio.
161,500 was in wallet at March 5 and as of May 25, have only 60,000 BTC in this wallet.
Did people withdraw to their own wallets?
I don't think so. It is too much.
During these period Tether minted billions USDT.
Did Bitfinex/Tether minted USDT for buy Bitcoin to transfer them fiat USD exchange such as Coinbase for sell to have USD instead their minted USDT?
Impossible to know what happen but this possibility looks have logic combined with lawsuit case content.
If this, we can see one of the greatest dump in Bitcoin.
Stay safe and stay alerted.
