CRYPTONAIRE
WEEKLY CRYPTO investment journal
Someone Just Sent $1 Billion in Bitcoin, Paid Only $3 in Fees
Two transactions, minutes apart, sent over $1 billion in Bitcoin from a Xapo wallet to two addresses. The total transaction fee spent was about the price of a Starbucks coffee. The total transaction fee spent was about the price of a Starbucks coffee. It’s likely the funds were moved for safekeeping. In back-to-back transactions this morning, 45,671 Bitcoin ($602 million) and 43,185 Bitcoin ($570 million) left a Xapo account to other wallets. That’s over $1.1 billion in Bitcoin, and all for a total transaction fee of $3.54. Though the same account sent the funds, they went to two different unknown addresses. It’s not unusual for Xapo wallets to send large chunks of Bitcoin, just usually not this big. In the past week, 4,000 BTC and 1,000 BTC amount have left Xapo wallets, for instance. But the size of these transactions dwarfs that.
“There are multiple reasons for large crypto transfers like this: the most obvious one is that Xapo is moving funds to cold storage for safekeeping,” MyEtherWallet CEO Kosala Hemachandra told Decrypt. “The other reason could be that the owner of these funds is ready to diversify. Coming from the Ethereum side, I’d like to assume the owner is preparing to move the funds to Ethereum as ETH or using renBTC.” Read more...
Cryptonaire Weekly | October 27th 2020
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