Someone transferred $1 billion in Bitcoin for less than $5

Someone transferred $1 billion in Bitcoin for less than $5

Holger August 2020

According to information provided by the crypto account of Twitter, Whale Alert, 92,857 BTCs (USD 1,092,603,640) were sent from an unknown wallet for a fee of only USD 4 at current market rates.

Although the Bitcoin network is known for its generally low transaction rates, the cost per transaction has increased by more than 500% in the last month.

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Bitcoin Block Bot, another whale-alert style Twitter account, reported on June 27 that a 101,857 BTC transaction had moved 0.5% of all Bitcoins currently in circulation, with a total transaction fee of about USD 0.48.

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We don’t know who sent these funds, nor do we know who the recipient was. Social network users have speculated that a BitGo escrow wallet that manages Bitstamp’s cold storage may hold the coins.

Before Bitcoin’s halving, the average transaction fee reached a peak of USD 3.19. This represents an increase of more than 300% from the average rate on April 26, according to data available at Bitinfocharts. The last time BTC’s average transaction rate exceeded USD 3.00 was in July 2019.

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Historically, Bitcoin Champion transaction rates have increased significantly before the halving events. The last halving event on July 9, 2016 saw transaction fees skyrocket in the weeks before, even reaching an average peak of USD 0.62/transaction when the value was around USD 0.10 within a 24-hour period.