April 29, 2019, 3:46PM EDT
• 4 min read

Across different exchanges, bitcoin converges to three distinct price levels depending on the relationship to Bitfinex and Tether

Quick Take

  • Shortly after the news about the lawsuit of Bitfinex, bitcoin’s price had decreased by 8% and seems to converge into three distinct groups
  • The Tether premium at the time of publication is 2.3% while the Bitfinex premium is much higher at 5.7%
  • Nearly $185 million in bitcoin and ether was withdrawn from Bitfinex’s cold wallets
  • Analysis of ETH outflows from Bitfinex shows that the net outflow was, by far, the highest on the day following the lawsuit but has since stabilized
  • While the panic seems to have calmed, there will be an immense amount of pressure on Bitfinex and Tether in the coming weeks

Join The Block Research for exclusive research like this

Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.

Already a Research Member? Login Here