Moved $ 1.1 billion in BTC: beware of whales!

Moved $ 1.1 billion in BTC: beware of whales!

By Roberto D. | CryptoFarm | 29 Oct 2020


While the price of Bitcoin remains more or less stable at around $ 13,000, in the meantime an address, on the day of October 26, 2020, moved over a billion dollars in BTC.

According to on-chain data, the owner of a Bitcoin (BTC) wallet has moved over 88,857 BTC (equivalent to about 1.15 billion dollars) by paying a fee of 0.00027847 BTC, or about $ 3.50. The transaction was confirmed on October 26, at block number 654.364.

CrystalBlockchain, an analytics platform, shows that the person who sent these funds did so from an address labeled "Xapo Bitcoin": considering that Coinbase Custody acquired Xapo's institutional business in 2019, it is likely that this transaction from almost 90,000 BTC comes from the US exchange Coinbase.

This is the largest transaction ever in terms of its value in fiat money; the Bitfinex exchange broke the previous record in April by transferring 161,500 BTC ($ 1.1 billion at the time) for a fee of only $ 0.68.

Be that as it may, these two transactions do not represent the largest amount of Bitcoin ever moved. The largest transaction in quantity is due to a 550,000 BTC transaction made on November 16, 2011 by the Mt. Gox exchange: at the time the value of this transaction was 1.32 million dollars, while today the same amount of Bitcoin would be worth over 7 billions.

These large shifts are not that frequent. Usually such large shifts contribute to the rise, or fall, of the value of the Bitcoin. In short: beware of whales!

 

Update: In the comments it emerged that not everyone knows what "whales" are, I apologize for not having specified.

By whales we mean big investors who have built up fortunes

in crypto and are able to manipulate the market with their moves.

 


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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 Telegram channel: https://t.me/freewaystoearn


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