u.today
The new year 2025 has started for XRP with a rather large transfer of 30 million XRP to the major Korean exchange Bithumb. As it became known thanks to a report from Whale Alert, the amount of tokens equivalent to $64.03 million was deposited on Bithumb earlier today, and it came from the unknown address "rPyCQ."
Such transfers cause some concern among market participants, as they are considered an act of selling tokens by a large holder. On the other hand, when tokens are withdrawn from the exchange, it is seen as if the large investor bought tokens and then took them into self-custody.
The fact that this happened with Korea's main exchange also adds a layer of intrigue. Korean investors are known for their enthusiasm for XRP, and the popular digital asset consistently dominates local exchanges in terms of volume.
In addition, this massive transfer comes at a time when XRP's market dynamics are under intense scrutiny, fueling speculation about potential market impact and price movement.
🚨 🚨 🚨 30,000,000 #XRP (64,034,753 USD) transferred from unknown wallet to #Bithumbhttps://t.co/E79n4ZKF4c
— Whale Alert (@whale_alert) January 1, 2025
According to community enthusiast XRPWallet, the transfer is nothing more than a shift between the exchange's own wallets.
So, an internal operation of Bithumb. In this case, there is no room for uncertainty, as such moves do not affect the order books for the token and create pressure on its quotes.
However, the picture is still not perfect as most will not dig deeper than the Whale Alert report and will likely perceive this transfer as a "major investor dumping their XRP holdings on Bithumb." Misinterpretations like this can cause unnecessary fear or panic selling among less informed market participants.