Monero (XMR) experienced a nearly 40% spike in price following a significant event, according to on-chain researcher ZachXBT. This price surge is attributed to a suspicious transfer of 3,520 BTC, valued at approximately $330.7 million, which was reportedly swapped for XMR. The unusual transfer was linked to laundering activities through several instant exchanges. The limited liquidity of XMR, resulting from its recent delisting from major exchanges, exacerbated the price impact due to large purchases. Market data indicated increased volatility from excessive buy orders in the XMR-BTC order book, despite metrics like active wallets and network activity not showing corresponding increases. This limited liquidity is a significant factor, as it creates a more substantial price reaction to large trades. CoinDesk's senior reporter shares insights on this phenomenon, noting the challenges in determining causes for major market moves when typical metrics do not align with observed behaviors.

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