A massive Bitcoin transaction has generated waves in the crypto community. One of the most influential Bitcoin whales has just received an enormous Bitcoin transfer, which is around 47,835 BTC and is worth $417 million with only a meager transaction fee of $1.44. Bitcoin Block Dot noticed the transfer, the on-chain whale tracker, which is developed to spot and report large movements in the digital assets market.
The wallet that received the vast amount of Bitcoin is the 16th largest wallet ever in around the globe, according to statistics put together by BitInfoCharts. The wallet in question is very active and has received large amounts of the leading digital asset before this recent transaction that made it noticeable. Some analysts have suggested that the new development might be as a result of a change in the control of a prominent digital exchange platform.
Whale alert! 🐋 Someone moved 47,835 BTC ($417M) in block 630,082 https://t.co/IGVLJDF3sv
— Bitcoin Block Bot (@BtcBlockBot) May 12, 2020
However, some analysts have said that the wallet might belong to an institutional outfit that trades in vast amounts of Bitcoin. With rumors making the rounds that the wallet belongs to a crypto exchange, which is based in Seattle, Bittrex, the owner of the wallet, has not made a statement yet on who he is or what he plans to do with the massive amount of crypto.
With the Bitcoin halving done and dusted, crypto whales have continued their usual trends of moving huge amounts of the leading digital assets for reasons understood by them. The majority of them see it as a means to move money around the world without the need for banking restrictions and government policies. However, most Bitcoin whales involved in the movement of large quantities of Bitcoin usually do it to tweak the market for their benefits.
As regards the largest ever Bitcoin transactions made, 500,000 Bitcoin, which was worth a little over $1.3 million, was made in 2011 comes in first place. While 194,993 Bitcoin, which was worth $149 million, which was made in 2013, comes in second, 180,000 Bitcoin, which was worth $118 million in 2014, comes in third place. Transfer of 300,004 Bitcoin worth $475 million in 2019, 109,232 Bitcoin worth $491 million in 2018 comes in fourth and fifth place respectively to make up the Top 5 list.
Some analysts in the crypto community have kicked against the approval of huge amounts of Bitcoin, stating that most entities use it as a front to launder money or as a haven when they are arrested for fraud. A Bitcoin whale has said that moving vast amounts of money in Bitcoin is one of the benefits enjoyed by traders and investors of the crypto market because there are no restrictions whatsoever.