BitMex has just liquidated and distributed their Bitcoin Cash in the form of Bitcoin to their customers.

Update 1: the discussed wallet empied into a bigger one has a total of 3795 BCH, there may be more wallets still to be consolidated

Update 2: more consolidating into this wallet which has since sent out batches of 1000BCH to various new addresses which are not any exchange hot wallets, but may be otc trades or maybe further bookkeeping. So far I have clock at least 14K BCH ~ $40mil. I still expect there is a lot more as I only got on to this trail from a small number of wallets with micro amounts.

The following is copied from my original posted on steemit. Link

I have been following some of the bitmex wallets that hold BCH for the last few months. At least for the ones I have been watching there has been no movement, until 06:50:49 UTC today

Here is the link to the wallet in question.

It seems likely that Bitmex are moving the coins to one wallet before sending them to an exchange or selling them OTC.

This should not come as a big surprize as they have stated that they will be selling all their BCH into BTC on or before the 31st of December.

How big will this be?
I am not sure but Bitmex is likely one of the biggest holders of BCH as they do an exceptional large amount of volume.

In the last 24 hours they have done >$1.5 billion worth of btc trading, compared to bitfinex at ~700 million and GDAX at 350 million.

How to play it
Well I can say my plans, I have shorted the BCH/BTC pair in the expectation of a spike down at least 10%. I will then close the short. And if BCH falls as far as 0.14BTC I plan to open a long term long. The short on the pair also allows you to be long BTC which could be an OK play if 15K is confirmed as support.

Thanks for reading.

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Disclaimer
Please do not invest on the advice of a stranger on the internet, only use this advice here as a starting point for your own research, and then if you choose to invest please only invest an amount that you can afford to lose.
This is another address that seems linked to their old transfers: https://bitcoincash.blockexplorer.com/address/1AwiwNHazH6a9vcR5pmSFQ8P3RGK7g96VC

Edit: Its the Bitfinex cold wallet and that they alread transferred their coins to them on November 15: https://bitcoincash.blockexplorer.com/address/1E3ky8MJ5cubMGMgxHZLHhTo5NJdkFLSBT