Crypto News

Bitcoin (BTC) Whale Just Moved $900M in Single Transaction

Bitcoin Whale Moves 0.9 Billion USD

The Bitcoin network once again carried a stunning amount of value in a single transaction. Recent tracking showed the movement of more than 107,848 BTC, worth nearly $900 million at the time of tracking.


The Whale Turns Out to Be Bitstamp

The transaction follows a previous unknown whale that moved more than $1 billion and a more recent transfer of 13,850 BTC. Such transactions are usually found to belong to exchanges. This time, the transaction later turned out to be linked to Bitstamp, the European exchange that sports one of the important spot markets and supplies data to other exchanges. The funds were moved to a XAPO-2 wallet, a cold storage service.

Initially, the large-scale transaction created worries, as unknown movements of funds are sometimes linked to hacks or exploits. Initially, the destination address remained unknown, and was identified later.

This time, the transaction was not caught by whale-watching bots, and instead was registered by ByteTree, a service tracking the weight and value of transactions. The visuals show the transaction outpaced all other similar coin movements. It was also mystifying why the Bitstamp exchange failed to warn about the large-scale movement of funds. The exchange, initially founded in Slovenia and based in Luxembourg, is one of the fully transparent EU-based markets with high liquidity.

Bitcoin Network Had a Slow Day

The transaction happened on a day when the Bitcoin network carried a total of around $374 million, a relatively sluggish day. The network also carried around 274,000 transactions, not counting unspent outputs, a relatively slow day compared to previous periods of more rapid movement.

But there is also a sign of accelerating activity, as the US markets open. On Monday, at one point more than 16,000 transactions waited their turn to be included in a block, remaining in a pending state. Usually, an increasing backlog shows high demand to move coins. Coin movements are also linked to upcoming price action.

BTC traded at $8,371.87 on Monday, unable to break above the $8,400 tier. The leading coin is still seeking direction, with expectations of a further slide before a more significant rebounce.

Wallets of a size above 100,000 BTC usually belong to exchanges. The Binance cold wallet contains 162,644 BTC, with an extra cold wallet containing 65,044 BTC. This makes Binance one of the largest BTC whales, especially after its futures market picked up and reached record activity.

What do you think about the recent whale transaction? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @Bytetree @Chaindotinfo

The post Bitcoin (BTC) Whale Just Moved $900M in Single Transaction appeared first on Bitcoinist.com.

Related Crypto News

Lithuania’s Central Bank Completes Blockchain Regulatory Research
The Bank of Lithuania finished its research phase on the LBChain’s blockchain project that aims to provide a regulatory...
Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?
Interaction with the Ethereum network recently hit an all-time high but the increase in gas usage may pose problems...
GRX Group’s GRID Platform Hosts its First Tokenized Security
Digital advertising platform tribeOS launched its shares as tokenized securities on GSX Group’s GRID platform. Adtech firm tribeOS launched...
Antigua’s Crypto Regulation Bill Passes Lower Parliament
Antigua and Barbuda take steps towards becoming crypto-friendly destinations in the Caribbean region. Antigua and Barbuda’s House of Representatives...
Ethereum is Ready For Heavy Volatility, And Analysts Predict a Big Rally
It’s been a quiet past few days for Ethereum and the rest of the crypto market. After last week’s...
Bitfinex is Constantly Printing More Tether, None Of It Has Ever Been Burned
A report indicates that no Ethereum-based Tethers have ever been burned, though new ones are constantly being printed. A...

Featured Crypto News

Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...
Huobi, OKEx and Upbit Join Top 10 in Messari’s ‘Real Volume’ Revamp
Messari adds 10 new exchanges to its ‘real volume’ metric and overhauls methodology. Crypto data and research platform Messari...
Bitcoin Bulls Defend Against a Drop Below 200-Day EMA; What Comes Next?
It has been a rough day for the benchmark cryptocurrency. After flashing some signs of weakness, Bitcoin briefly dipped...
3 Signs Show Bitcoin on Verge of Macro Upsurge, Making $20k Imminent
After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as...