Who Just Moved 1 Billion Dollars in Bitcoin?
More than 94,500 bitcoins (USD 1 billion) were on the move Friday morning, causing a ruckus on the crypto Twitter. Such a transaction constitutes one of the largest wealth transfers recorded on the Bitcoin blockchain. According to the transaction tracker Whale Alert, the transfer took place at 03:30:05 UTC.
Naturally, the Cryptoverse began guessing what does such a transaction mean. On most occasions, large bitcoin transfers are performed by exchanges or other custodial services but in this case, it remains unconfirmed who is the sender or the receiver. More than USD 1 billion transaction cost BTC 0.06534852 (USD 700) in fees.
According to economist and trader Alex Krüger, the bitcoins on the move belong to the largest non-exchange owned address.
Others were quick to guess that it might be clients moving their funds to Bakkt Warehouse, a crypto custody service, before the physically-delivered futures trading begins on September 23rd. Previously, Bakkt announced that its warehouse will start accepting clients deposits precisely on September 6th.