Crypto Exchange Bittrex Moves a Staggering $8.9 Billion in Bitcoin Ahead of Halving

    Popular crypto analyst PlanB expecting more of these big btc transfers

    For the first time in Bitcoin’s history, a staggering $8.9 billion in Bitcoin was moved on-chain in just an hour. This has been the highest hourly USD transaction volume the Bitcoin network ever recorded.

    Source: @Glassnode

    On this move, investor and bitcoin bull Preston Pysh commented, “That kind of move is not characteristic for the price action or protocol adjustment that's currently happening.”

    More of these Big Transfers Expected

    Popular analyst PlanB who is known for applying the stock-to-flow model to Bitcoin contemplated this to be exchanges, miners or whale reshuffling their BTC before the Bitcoin reward halving in May 2020.

    With just about five months left in the block halving, the analyst is expecting to see more of these big moves.

    “I was actually waiting for some transactions with very large numbers of BTC. They happened around block 200,000 and 400,000 (spikes in the chart) but nothing at 600,000 .. until now. I expect more of those,” said PlanB.

    Low Fees Behind the Transfer?

    As for why before the halving, PlanB said it could be because of the fees. Before the next leg up when fees will probably rise again, exchanges and whales that have huge amounts of BTC might be looking to reshuffle while fees are still low.

    Although the third reward halving will cut down the miner’s reward from the current 12.5 BTC to 6.25 coins, the fees have only risen over the years, especially after halving during the bull market.

    In 2012, before the halving on Nov. 28, the fee on Bitcoin Network was below $0.01 only to rise to $0.181 in April 2013, $0.555 in Sep. and $0.659 in November of the same year.

    In late 2015, the fees were down to $0.024 when the uptrend resumed. Around the second halving in 2016, the fees kept on surging yet again to top at $55 in December 2017. Currently, we are down at $0.64.

    Major Exchanges Hoarding 1.9 Million BTC

    According to data company Glassnode, the transactions have been, in fact, made by a crypto exchange.

    Crypto exchange Bittrex moved a large amount of Bitcoin several times — “a series of 21 transactions within one hour, each moving ~56,000 BTC.”

    Bittrex has a total of 131k BTC stored with it. Coinbase however, has even a much higher supply of Bitcoin in its custody, over 966k BTC. Coinbase is followed by BitMEX with about 265k BTC and then Bitstamp with nearly 230k BTC, Bitfinex 146k BTC, and Kraken at 136k BTC.

    Combined together with that of Coincheck and Poloniex they amount to over 1.925 million BTC which Trace Mayer says are “just waiting to be lost like so many others.”

    Despite “not your keys, not your Bitcoin” and the hacks and scams over the years, these numbers are evidence that investors are still choosing the exchange to keep their BTC safe.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    TRON (TRX) Price Analysis (February 23)

    • The trend of the coin looks bullish in its medium-term while the short-term outlook is in a range-bound. • Patience is required at this...

    Block.One’s Beta Launch Of EOS Based Social Network Voice Raises Privacy Alarms’s Facebook asking for tons of personal data to jo Voice beta More concerning than privacy alarms is the use of data to...

    Criminal Assets Bureau Confiscates Over 6,000 Bitcoin But Unable to Sell Them

    The Criminal Assets Bureau (Cab) has confiscated 12 online accounts, wallets containing 6,000 bitcoin of a drug dealer who had €55 million (over $59.6...

    Top Medical Firms Set to Develop a Blockchain Solution to Prevent Counterfeit Drug Supply

    Top medical firms partner to develop a blockchain based solution to combat counterfeit drugs in the market. The MediLedger blockchain aims to verify...

    EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

    This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the...

    New Jersey Introduces Bill For Crypto Firms To Obtain Licenses From State Authorities

    A New Jersey lawmaker introduces a bill to regulate the cryptocurrency and digital assets industry. The bill states each virtual asset company must obtain...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.