Bitcoin Whale Resurfaces for Air by Transferring $72 Million Worth in BTC, Takes 43rd on Crypto Rich AF List
A new transaction in the Bitcoin (BTC) network helped a wallet address become one of the top-50 richest in the world. The transfer included 20,000 BTC, more than 0,11% of the current Bitcoin supply and was processed on February 13.
There have been 25 wallets contributing to the total volume of BTC that were transacted to the recipient address. Because of this transaction, this address is now included among the top 50 Bitcoin wallets in terms of funds. The largest Bitcoin wallet address has currently more than 138,000 BTC, equal to almost 0.8% of the total Bitcoin circulating in the market.
There is no specific information regarding who is the owner of this address or why they have processed such a large transaction. The Twitter account Whale Alert informed that the transaction was processed.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 20,000 #BTC (72,582,941 USD) transferred from Unknown wallet to Unknown wallet
— Whale Alert (@whale_alert) February 13, 2019
This transaction can be a large entity such as an institution or cryptocurrency exchange that is moving funds between wallets. This address could be a cold wallet that makes sure that the BTCs cannot be stolen.
This is not the first time that the network processes such a large transaction. During the last month, there have been several BTC transactions of millions of dollars. The 20,000 BTC transaction is equal to almost $75 million at the time of writing.
Bitcoin is also starting to register a larger number of transactions processed on its network. Although the Lightning Network (LN) continues to expand, most of the transactions are processed through Bitcoin’s blockchain.
In the future, as Bitcoin value grows, we might see a drecrese in the BTC value transacted but an increase in the fiat value moved in single transactions. Nevertheless, the network is expected to surpass its all-time high number of transactions per day in the near future.
At the time of writing, Bitcoin is being traded around $3,636 and it has a market capitalization of $63.78 billion.
At the beginning of January, the Ripple Ledger witnessed a massive transaction of 1.1 billion XRP moved. As we reported back at that time, the user transacted more than $392 million to the Ripple OTC Distribution wallet.