$BTC Another piece of uncertainty is hanging over the market: According to Arkham data, a wallet linked to Trump Media transferred 4,259 BTC to Crypto.com, about 30% of the company’s holdings (approximately 14,139 BTC).
The backdrop is that on November 30, holders of the company’s convertible bonds can demand repayment in cash. The total amount is reportedly as high as about $1 billion, and the company also warned in a filing that it might need to sell Bitcoin.
But to be clear: transferring to an exchange does not mean the coins have been sold. The company made similar transfers in May and August, which were said to be for custody and trading management, and no sale was announced. So far, neither the company nor Crypto.com has issued an official explanation.
With the market already fragile (Bitcoin fell to a low of $75,035 yesterday), this kind of “potential selling pressure” can easily be magnified. But we’ll have to wait for a company announcement to know whether it’s real. On-chain data can tell you where the coins went, but not why.
For informational purposes only; this is not investment advice. #比特币 #On-chainData
The backdrop is that on November 30, holders of the company’s convertible bonds can demand repayment in cash. The total amount is reportedly as high as about $1 billion, and the company also warned in a filing that it might need to sell Bitcoin.
But to be clear: transferring to an exchange does not mean the coins have been sold. The company made similar transfers in May and August, which were said to be for custody and trading management, and no sale was announced. So far, neither the company nor Crypto.com has issued an official explanation.
With the market already fragile (Bitcoin fell to a low of $75,035 yesterday), this kind of “potential selling pressure” can easily be magnified. But we’ll have to wait for a company announcement to know whether it’s real. On-chain data can tell you where the coins went, but not why.
For informational purposes only; this is not investment advice. #比特币 #On-chainData