Giant Whale Transaction Moves Nearly $1B Worth of Bitcoin (BTC)
The vast haul of more than 94,000 BTC was moved with a high transaction fee to secure the sum.
A “whale-sized” transaction passed on the Bitcoin network, moving 94,504 Bitcoin (BTC), worth nearly $1 billion by current prices. The transaction collected the sum from multiple unknown addresses, and aggregated it on one address.
The whale in question paid around $700 to move the sum. Transactions like that are not unusual on the Bitcoin network, but usually belong to exchanges moving funds to different wallets.
The latest transaction made the unknown wallet the fifth-biggest in the entire crypto space, only surpassed by the storage of a few leading exchanges. For now, the address seems unrelated to other whales.
The transactions, coming also from rather large BTC wallets, coincide with the launch date of Bakkt Warehouse, the custodial service of the Bakkt Bitcoin futures exchange. It is possible that the opening of a new wallet has aggregated BTC for the upcoming launch of trading.
Others see the large-scale transaction as a sign for significant upcoming events for the BTC market price. BTC currently trades at $10,774.46, giving off bullish indicators for another positive move. BTC also pushed up its dominance to 71.1% of the entire crypto market, becoming the most attractive asset in 2019 as altcoins floundered. There is also the possibility of significant BTC selling. However, at the time of writing, the coins on the address remain unmoved.
In general, any large-scale entity could collect and consolidate funds to one wallet. Miners could be the potential owners. Another hypothetical possibility is the recent Plus Token scheme, which also collected significant funds.
The Bitcoin network is relatively busy, with more than 370,000 transfers in a single day. Most transactions pass quickly, with a backlog of around 5,000 waiting. Transaction fees remain relatively low at $0.54, though some may choose a higher fee for immediate block inclusion and verification.