A Couple of minutes ago, one of the top twenty wealthiest Bitcoin addresses had sent an enormous amount of 66,233 BTC, which worth a little more than $257 Million. This address hadn’t been active since 2014.
The destination is unknown as of writing these lines. It’s most likely an OTC address since such huge amounts can cause severe dumps very easily. The amount of Bitcoins that were sent is even higher than the last day’s trading volume of Binance Exchange – $205 Million and Bitfinex $155 Million.
The following is a screenshot taken from the transaction (still unconfirmed as of now):
Transaction Fee Is Less Than $50
What else can be learnt about this special rare transaction? The fees were only $43. Where else can you send $257 Million for less than $50?
Another interesting thing is that the transaction was divided into many SegWit addresses. The reason could be to make it harder to trace the funds.
What Could Be The Outcome?
It sounds horrifying for the bulls, however, in case the destination is the OTC market, there should be no significant effect on the secondary markets (the exchanges). This is coming from the reason that for every trade, there are basically two sides – a buyer and a seller.
In the less-likely scenario that the destination is an exchange, then the situation might get very choppy for Bitcoin. This might turn out to be a price manipulation and can lead a dump of the Bitcoin’s price to the $3000 area. Always keep in mind that any seller, especially who sells such amount, would like to maximize it’s average selling price and not to maneuver the price.