Friday, March 5, 2021

Bitcoin Whale Drains Wallet Containing $936M worth of BTC for A transaction Fee Of $0.48

An anonymous crypto whale was spotted moving a breathtaking Bitcoin (BTC) stash that got many traders and cryptocurrency enthusiasts talking.

The Bitcoin whale moved the sum of 101,857 BTC worth about $936 million at the time of writing, using just $0.48 as transaction fee.

The transaction was noticed and reported on 27th June 2020 by the automated ledger tracker, Bitcoin Block Bot.

“Whale alert! Someone moved 101,857 BTC ($933M) in block 636,503,” Bitcoin Block Bot reported.

According to the data from block explorer, the cryptocurrency whale divided the BTC into two different wallets. The whale sent 5,000 BTC to an unknown wallet and sent the rest to another unknown wallet.

Bitcoin Whale Drains Wallet Containing $936M worth of BTC for A transaction Fee Of $0.48
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As shown by BitInfoCharts, the 101,857 BTC was moved into the wallet on 2nd April 2020. According to further finding, the whale’s wallet has neither sent nor received a huge amount of BTC until recently when the whole Bitcoin stash was moved.

A blockchain tech firm, Blockstream also testified that the transfer was able to save transaction fees by 41%, due to the fact that the owner of the wallet is using SegWit.

Additionally, there is no indication that the BTC will be moved to cryptocurrency exchanges anytime soon.

Who Could Be the Owner Of Such A Huge Sum of Bitcoin (BTC)?

There are suggestions that the wallet containing such a huge sum of Bitcoin (BTC) could belong to an early investor who is trading the digital currency over the counter or sending the cryptocurrency to separate wallets to assure the safety of his/her Bitcoin holdings.

Conclusively, the Bitcoin address could also belong to a cryptocurrency exchange, institution, or custody provider that is managing the accumulated cryptocurrency for its customers.

Bitcoin (BTC) In the Market

Bitcoin (BTC), the largest cryptocurrency by market capitalization, has not printed any significant trend over the past few days.

The digital currency has been moving back and forth above $9,000 support level for about 3 days without an indication that an upside trend would play out anytime soon. At the time of publication, BTC is trading at $9,164.90, with about a 1% price increase in the last 24 hours.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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