Over $1 billion USD worth of Bitcoin was transferred to one wallet today in a major transaction, making it the fifth richest Bitcoin wallet in existence.
The Richest Non-Exchange Address
A group of large-scale Bitcoin owners, known as whales, moved 94,504 Bitcoins to an unknown wallet, which now becomes the richest non-exchange address, as well as the fifth richest overall. The amount is equal to 0.5% of all the Bitcoin currently in existence. It is not yet entirely clear where the transaction originated from; however, TokenAnalyst believes that at least one third came from the Huobi exchange, while Glassnode claimed that approximately 73,000 BTC came from Huobi.
What was This Transaction For?
The reason for today’s huge movement of BTC remains unknown; however, some analysts and experts have speculated that it could be attributed to the launch of Bakkt Warehouse’s deposits and withdrawals, which took place today. Some more cynical speculators have guessed that it could be a result of the fallout from the PlusToken Ponzi scheme that defrauded users of nearly $3 billion USD, 50% of which was processed by Huobi. Even stranger was the high transaction fee of $700, which suggests the involved parties had speed and security as a priority.
While little is known about these major whale movements, they have become increasingly frequent in recent months. Less than two weeks ago, approximately $700 million USD worth of BTC was transferred into three unknown wallets, and less than 24 hours after, there was an additional movement of $133 million USD of BTC. These transactions add fuel to the theory that they are diverted funds from the PlusToken Ponzi scheme; however, it is impossible to know for sure.
BTC Rises Again
Unsurprisingly, the transaction and subsequent attention boosted Bitcoin’s value from $10,569 to $10,790, which coincides with a report from The Independent that Bitcoin price rose by more than $1,000 USD following a record-breaking number of searches for the term “BTC”. Price trends in recent years have shown a direct correlation between increased search engine attention towards Bitcoin and rising BTC value.
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