123,447 Bitcoin Worth $1.1 Billion on the Move, Analysts Tracking Source of Giant BTC Transfer

16 January 2020, Thursday, 03:15 - dailyhodl.com
123,447 Bitcoin Worth $1.1 Billion on the Move, Analysts Tracking Source of Giant BTC Transfer

Crypto traders are monitoring a breathtaking move of 123,447 Bitcoin (BTC) worth about $1.1 billion.

Twitter’s go-to source for colossal crypto transfers, Whale Alert, was among the first to report the transaction. Initial reports show the BTC was sent between two wallets of unknown origin. The transaction fee was a meager 0.00005578 BTC – which is worth just 48 cents.

Tx: https://t.co/LhtaWPMrxI

— Whale Alert (@whale_alert) January 15, 2020

According to the blockchain analysis firm Token Analyst, the wallets in question are owned by the Hong Kong-based crypto exchange Bitfinex. However, the exchange has not confirmed it is behind the transfer.

Late last year, the US-based crypto exchange Bittrex made waves by reportedly transferring a total of about $9 billion in BTC across 21 separate transactions in less than an hour. The analytics company Glassnode attributed the movements to the exchange.

Anthony Pompliano, co-founder of the digital asset management company Morgan Creek Digital, says Bitcoin is proving itself as an extremely reliable way to transfer value without the need for a third party. He cites data from Coin Metrics which shows that the amount of value settled on the Bitcoin network hit $673 billion in 2019.

“Bitcoin did $673 billion in adjusted on-chain transaction volume in 2019, according to @coinmetrics. $673,000,000,000 in a single year. That is 10x what Venmo did in 2018. It is nearly impossible to deny Bitcoin’s popularity globally.”

Featured Image: Shutterstock/Andrew Marriott



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