Massive $1,000,000,000 Bitcoin Transfer Initiated – Is a Corporate Crypto Giant Moving Funds?

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A Bitcoin transaction worth more than $1 billion is making waves in the world of crypto.

A high-rolling crypto whale transferred a total of 88,989 BTC on Monday, for a transaction fee of just $9.15.

Source: Blockchain.com

The huge transfer was first spotted by the blockchain tracker known as the Bitcoin Block Bot.

According to the crypto data company BitInfoCharts, the sending address appears to be connected to a cold storage wallet that belongs to Binance. Cold wallets are not connected to the internet in order to prevent hackers from gaining access to the funds.

The BTC in question was sent to two different addresses, with 68,101 BTC moving to one unknown wallet, and the rest heading to another cold wallet that’s also thought to be owned by the exchange. The crypto block explorer also shows that the 88,989 BTC stash first entered the exchange’s wallet on April 30th. The wallet neither sent nor received a substantial amount of BTC until now.

According to blockchain tech firm Blockstream, Binance saved 36% in transaction fees thanks to the scaling solution SegWit.

The huge transfer is not the only transaction traders are keeping an eye on.

The crypto tracker Whale Alert spotted four large BTC transactions in the past 24 hours. Two of the transactions involved BTC moving to crypto exchanges, indicating that the holders may be looking to sell.

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Featured Image: Shutterstock/Chase Dekker

The post Massive $1,000,000,000 Bitcoin Transfer Initiated – Is a Corporate Crypto Giant Moving Funds? appeared first on The Daily Hodl.

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