$ 9 billion in Bitcoin was transferred in one hour, but for what reason?
A total of 1.3 million bitcoins worth nearly $ 9 billion was moved in one hour yesterday. Despite this move, the price of bitcoin is staying at $ 7,300.
According to Glassnode intelligence firm expert Rafael Schulzte-Kraft, this is the largest hourly transaction volume in the history of bitcoin. But who moved this amount of bitcoin and why?
Glassnode said that this volume was carried out by the Bittrex cryptocurrency exchange which moved 1.18 million bitcoins into 21 transactions where each contained 56,000 bitcoins. This was done before the stock exchange went through a maintenance process today.
Each of the transactions had a $ 0.6 fee, which means Bittrex shifted $ 9 billion to just $ 12 and a half.
Such moves have usually been associated with transfers between “cold” portfolios. In July Binance made a similar move, shifting $ 1 billion.
But they can also drive currency sales by compromising the value of bitcoin. However, it remains an internal transfer and as a result has had no effect on the price of bitcoin.