Over 100,000 bitcoins were transferred from one unknown wallet to another yesterday. The transaction was equal to more than $633M, and the fee paid is less than $1.
Despite some fears of a possible BTC dump, it turned out that the cryptocurrency custody giant Xapo made an internal transfer.
101K BTC On The Move
The popular monitoring resource, Whale Alert, caught the enormous transactions on April 1st. It involved 101,857 BTC, which, at the time, were the equivalent of $633,535,530.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 101,857 #BTC (633,535,530 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) April 1, 2020
What’s similarly impressive about this particular transaction was the fee paid. According to information from Blockchain.com, the total amount was 3935 SAT. To put things into USD perspective, this is $0.26, since Bitcoin is now trading at approximately $6,650.
Some community members dreaded that the massive amount could end up on a cryptocurrency exchange where, if sold, might trigger a serious price plunge. Whale Alert, however, quickly pacified the situation by clarifying the transaction’s true nature.
The Hong Kong-based large cryptocurrency custody company, Xapo, completed an internal transfer with those funds.
The firm launched in 2014, after announcing a $20 million Series A funding, which involved some notable names. Those included Pantera Capital, Rabbit Capital, Fortress Investment Group, and Benchmark – the VC that led the funding.
Since then, the company went from providing “accessibility and security” for Bitcoin investors to creating a “robust banking alternative.”
It’s also worth noting that Xapo is one of the Founding Members of the Libra Association. The latter aims to launch its own cryptocurrency to serve as a “single global digital currency” called Libra.
Other Bitcoin Whale Transactions
Back in December 2019, over 43K bitcoins were withdrawn from the popular cryptocurrency exchange Bittrex and to an unknown wallet. At the time, such an extensive amount of BTC had a value of over $313 million. However, the transaction fee was as evenly compelling – $1.
Cryptopotato also reported another case from January this year. In one of the largest Bitcoin transactions to ever take place, over $1 billion worth of the primary cryptocurrency (124946.622 BTC) changed hands rapidly. Originating from a Bitfinex cold storage address, the fee paid that time equaled $84.