Bitcoin whale transactions are a common occurrence in the space, mostly with Exchanges managing their wallets. Nevertheless, when a single block on the ledger conducts a $4 billion transaction, it will inevitably pop some eyes.
On 11th June, Bitcoin Black Bot reported about eight transactions through Bitcoin each greater than 57000 BTC the value of each transaction was around $450 million. In total about 465k BTC was moved, apparently from a single source looking at the time interval between the transactions.
While the source hasn’t been identified as of yet, another exciting feature of the transactions was that the total fee of mining that block was about 1 BTC. This accounts for less than 0.0002% of the total amount of $4 billion. Moreover, the value was moved conveniently without any delay.
Dovey Wan, analyst, and Bitcoin investor, also tweeted about the surprisingly low fees charges. She tweeted,
“A single transaction of 500K*
$BTC (an estimated value of $4B) only cost ~$8000 transaction fee. Banks will be freaked out in this case”
Since the transaction hasn’t caused any upheaval in the price of Bitcoin [BTC], it can only be presumed that the Bitcoin [BTC] is being moved between custody wallets or for internal management most probably by an Exchange.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com