$9B in BTC Moved On-Chain: Here is who moved this amount and Why
Yesterday an amount of $9 billion in BTC worth around 1.3 million bitcoin was moved on-chain.
The co-founder of on-chain market intelligence firm Glassnode, Rafael Schultze-Kraft reported that an amount of $8.9 billion in BTC was moved on-chain and said that this is the highest hourly USD transaction volume in the entire Bitcoin’s history.
It has been disclosed that $9 billion of BTC was moved but it has not still known that who has moved such a large amount and why. So here is the answer to this question.
Who moved $9 Billion of BTC on-chain?
Recently, the on-chain market intelligence firm, Glassnode has revealed the fact that it was Bittrex crypto exchange which caused this huge bitcoin transaction volume spike.
Glassnode further said that the crypto exchange moved such a large amount of Bitcoin several times in a series of 21 transactions. Each transaction was comprised of almost 56,000 bitcoin.
This $8.9 billion spike in on–chain volume was caused by @BittrexExchange moving a large amount of #bitcoin several times – a series of 21 transactions within one hour, each moving ~56,000 $BTC.
The first transaction in this sequence was: https://t.co/6zNGp7pwC3 https://t.co/kmc3ElnK5R
— glassnode (@glassnode) December 5, 2019
Apart from this, the fee for every single transaction was around 0.0000 BTC worth $0.60 and the fee for the total amount was around $12.50.
Why Bittrex moved $9 billion in Bitcoin?
As it is revealed that Bittrex has moved $9 billion, so the reason behind this bitcoin move is also disclosed.
Some analysts say that maybe the crypto exchange is looking to upgrade its cold storage because, in the past, such type of movements has been linked with cold storage. In July, Binance crypto exchange moved one billion bitcoin into cold storage. So, we can say that Bittrex has moved such a massive amount in order to upgrade its cold storage.
Also, this move came during the maintenance schedule of the Bittrex crypto exchange according to which the exchange will be upgraded on 5th Dec 2019.
Though $9 billion of Bitcoin was moved on-chain in a single hour, yet the price value of the coin is trading below the key level of $7500.
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