As per the Twitter-based transaction monitor, Whale Alert, a total of 94,504 bitcoins, worth more than $1 billion were transferred earlier today by whales — a group of large-scale Bitcoin owners.

The transaction that involves 0.5% of all BTC in circulation was included in the Bitcoin block 593468.

This makes the recipient of these BTC, the fifth largest Bitcoin wallet in existence.

Bitcoin from the largest non-exchange address on the move (or so it seems).

Now, whoever you are, please be a good friend and go 2x with this. pic.twitter.com/70akH5OKzu

— Alex Krüger (@krugermacro) September 6, 2019

But Involved A High fee

However, what's even more interesting is the fees paid on this transfer.

The sender selected a very high fee rate at 480 satoshis per byte, totaling the fee at about $700 when it could have been settled for a fee of just $35 in about 10 minutes.

Currently, the cost of getting a transaction in the next block — within ten minutes is just 23 satoshis per byte, meaning the sender of $1 billion overpaid 20 times.

Bitcoin fees vary on how quickly the sender wants a transaction to be processed by the miner. The more the user paid, the faster the transactions as the fewer blocks a user would have to wait for confirmation.

Bitcoin fees in 2019, however, remained low despite the rapid increase in price.

Meanwhile, BTC price enjoying the gains

Such a big move has the Crypto Twitter (CT) talking, with some speculating the wallets could be owned by Bakkt, which starts offering its bitcoin custody service Bakkt Warehouse today.

Also, most of the top ten wallets with the highest amount of volume are known to be associated with an exchange.

But this doesn't seem to be the case with this wallet.

Others say it could be the fallout from the alleged Chinese Ponzi scheme PlusTokens, that was accused of $3 billion worth of fraud.

However, these kind of moves by Whales is becoming common. Just about two weeks ago, someone moved about 77,000 BTC.

Price, meanwhile, is on the move.

With 24 hours gains of 2.25%, Bitcoin has surged back to $10,865, at the time of writing — going as high as $10,923 — while the daily trading volume drops to $807 million.