Within the last few hours, a large BTC transaction took place between unknown BTC wallets. The transaction was worth $1,018,147,922 USD as it involved the transfer of 94,504 BTC. The identities of the transacting parties are a complete mystery.
On Friday, popular crypto account dedicated to tracking large cryptocurrency transactions, Whale Alert, notified the community of an enormous amount of Bitcoins that were moved from unknown wallets to the unknown wallet. According to the transaction alert, 15 BTC wallet addresses transferred billions of dollars in BTC to a single BTC address (37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs). A transaction worth 0.1 BTC had initially occurred presumably as a “test transaction” between the first wallet and the recipient.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 94,504 #BTC (1,018,147,922 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 6, 2019
Possible Reasons For Such Transaction
This large transaction did not go unnoticed and crypto Twitter is already reacting to the situation with a lot of concern. This could mean a couple of things. In any case, if the concerned bitcoins make it to an exchange, then they could have a substantial effect on the price of the cryptocurrency.
This kind of transaction could indicate that a big BTC holder, more commonly known as a whale is trying to enter or exit a position in a big leverage trading. If this happens to be the case, this amount of BTC might be the stake of a very risky or profitable trade.
Also, it could simply mean some large BTC hodler is either trying to move his bitcoins to safety or just trying to take account of his riches by temporarily moving them into a single address.
How Crypto Twitter Is Reacting?
A few influencers alongside many crypto community members are talking about the whale move. While some believe that an instance of margin trading instance might be a possibility, some think the launching of Bakkt’s warehouse services today might also have initiated such a transaction. According to Alex Kruger,
Bitcoin from the largest non-exchange address on the move (or so it seems).
Now, whoever you are, please be a good friend and go 2x with this. pic.twitter.com/70akH5OKzu
— Alex Krüger (@krugermacro) September 6, 2019
Another hypothesis by community members is the possibility of Craig Wright handling over the ordered BTC to Ira. In a response by Twitter user goomba,
— Goomba (@remigoomba) September 6, 2019
Further, as Bakkt physically delivered futures warehouse services begin today, investors are considering moving some bitcoins to Bakkt’s custody. This is also a reasonable assumption to make as to why we saw a BTC transaction of this volume today, but there is no evidence to support this claim.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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