A Bitcoin (BTC) transaction exceeding $ 1 billion excited the cryptocurrency world. A crypto whale transmitted 88,989 BTC on Monday, with a total transaction fee of $ 9.15. The big transfer was first detected by the blockchain tracker known as Bitcoin Block Bot.
According to the crypto data company BitInfoCharts, the address to which BTC is sent appears to be connected to a cold wallet belonging to Binance. Cold wallets are not connected to the internet to prevent hackers from accessing funds.
Whale alert! 🐋 Someone moved 88,989 BTC ($1B) in block 642,034 https://t.co/nolEdW7Dcp
— Bitcoin Block Bot (@BtcBlockBot) August 3, 2020
68.101 of the said BTC was sent to two unknown addresses and the rest was sent to another cold wallet, which is thought to belong to the stock exchange. The crypto block explorer also shows that 88,989 BTC entered the stock market wallet for the first time on April 30. The wallet has not sent or received significant amounts of BTC so far.
According to Blockchain technology firm Blockstream, Binance saved 36% in transaction fees thanks to the SegWit scaling solution.
Will They Sell Bitcoins?
Big transfer isn’t the only process that attracts the attention of processors. Whale Alert has also detected four major BTC transactions in the past 24 hours. Two of the transactions involved moving BTC to crypto exchanges, which suggests that their owners may want to sell them.