Over the past day, bitcoin whale activity has intensified, with amazingly large transactions on the blockchain. But a particular block stands out.
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One block contains 5% of almost all Bitcoin
At block height 606,641, the transactions contained in this 10-minute window totaled 903,592.118 Bitcoins. This amount is equivalent to nearly 5% of the entire Bitcoin supply, and it is also equivalent to Satoshi's Bitcoin stash. According to estimates, the blocks mined by Satoshi Nakamoto contain about 900,000 to 1 million BTC.
The transaction fee obtained by the block mined by Antpool is only 0.25 BTC, and 3,026 transactions are processed, which shows that Bitcoin can complete such a huge amount of capital transfer with extremely low transaction cost.
Earlier, the whale transfer monitoring robot noticed that 57577 BTC was transferred in one transaction, and the UTXO transaction was also huge.
55877 BTC transferred from one unknown wallet to another unknown wallet: https://t.co/l12Pw8efKi — Whale Alert (@whale_alert) December 4, 2019
However, the neighboring blocks of blocks 606,641 are also impressive. Its previous block 606,640 moved 230,343 BTC at a fee of 0.24 BTC, while the previous block 606,639 moved 66,643 BTC at a total cost of 0.4 BTC.
These large Bitcoin transfers could be exchange switching cold wallets
One of the most likely explanations is the transfer of funds between large cold wallets. But until the exchange officially acknowledges this fact, these large transfers remain doubtful. The bitcoin exchange that has recently received a large amount of capital inflow is Huobi, which recorded capital inflows as of December 4. Binance also transferred its cold wallet on Tuesday.
This block of height 606,641 could have been attributed to several wallets because known wallets or addresses have not been analyzed when mining these blocks. Whale Alert, a major transfer monitoring agency, commented that some whale transactions today behave like exchanges.
Large-scale BTC flows could be large-scale market selling or another way to affect the price of Bitcoin.
On the same day as Bitcoin's large-scale transfer, the price of Bitcoin also fluctuated greatly, with a rapid rebound from below $ 7,200 to more than $ 7,500. However, low trading volumes and short-term bearish outlook still make price increases difficult to sustain. At the time of the large transfer, Bitcoin was trading at around $ 7,475. Around that time, with the opening of the US market, the day's trading volume climbed to more than $ 19 billion.
In addition, whale account monitoring found that Upbit's stolen wallet was being systematically emptied, of which 10,000 ETH and 1,000 ETH transactions were transferred to the new address.