The tweet by Bitcoin Block Bot on June 27, 2020, reported a large-scale transaction, involving the movement of $933 million worth of bitcoin. Interestingly, the total transaction fee cost was 0.00005271 BTC, which is just meager $0.48.
Whale alert! 🐋 Someone moved 101,857 BTC ($933M) in block 636,503 https://t.co/sy099uLVBV
— Bitcoin Block Bot (@BtcBlockBot) June 26, 2020
A total of 101,857 BTC was split unequally between two separate bitcoin recipient addresses. That’s a total of 0.485% from Bitcoin’s 21 million capped supply.
The first bitcoin address which is active with 11 transactions, has a total fund of 5000 BTC, the amount received from the unknown wallet.
On the other hand, the second recipient address appears to be a new one, having just 1 recorded transaction, with total funds in the wallet at 96857.24562738 BTC. A larger transaction of $1 billion in Bitcoin occurred at the beginning of the year. However, the transaction fee was higher, at $80
The ease of conducting such transfers in minutes shows Bitcoin’s utility in high volume transactions requiring only a paltry fee. Meanwhile, a wire transfer involving millions of dollars could take days to go through. Also, no intermediaries are needed to conduct BTC transactions.
As usual, such large transactions come with fears of an incoming price dump. However, the transfer might just be a Bitcoin whale reorganizing his holdings across different wallets.
Meanwhile, Bitcoin hodling is on the rise, with more coin owners preferring to HODL rather than spend their BTC. Recent data revealed that 61% of BTC supply has not moved in the last year, setting a new all-time high (ATH).
Mystery Transactions
Interestingly enough, the wallet moving the funds was the largest unknown Bitcoin wallet.
Naturally, it sparks some questions as to who the owner of the funds might be.
Just a month ago, CryptoPotato reported on another transaction of just 50 bitcoins. The exciting thing about it, however, was that the amount was a reward for mining a block 11 years ago. This happened on February 9th, 2009. Since then, the wallet has been dormant.
While some believed that it might be Satoshi himself moving funds, the mined block didn’t have the inherent characteristics of the blocks in the Patoshi pattern, making it rather unlikely for it to be Satoshi.
Another reason for which many people didn’t think it was the pseudonymous creator of Bitcoin is the current economic situation. Bitcoin was created during times of financial uncertainty – the 2008 financial crisis. Right now, global economies are also in distress and it wouldn’t make any sense for Satoshi to rid of his BTC – those which he created to remedy situations much like the current one.
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