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The Daily Hodl
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Crypto Whale Moves $1,000,000,000 in Bitcoin, Creates Richest Non-Exchange Address

by Daily Hodl Staff
September 6, 2019
in Trading

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A transfer of 94,504 Bitcoin worth $1.01 billion is triggering a frenzy of speculation on who is behind the curtain.

? ? ? ? ? ? ? ? ? ? 94,504 #BTC (1,018,147,922 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/VWb8slswa8

— Whale Alert (@whale_alert) September 6, 2019

The transfer created the largest-known, non-exchange Bitcoin address, with the transaction fee costing 0.065 BTC, worth around $710 at time of publishing.

Crypto traders are pondering the possibility that crypto-related companies or exchanges are involved. The vast majority of the buzz on Twitter pins the transfer to the launch of Bakkt’s custody warehouse.

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It could also be connected to VanEck, which rolled out an ETF-like product this week. But so far, there’s no hard evidence to support either theory.

The on-chain data research company TokenAnalyst is performing some forensics on the origins of the funds and found that a third of them came from addresses on the crypto exchange Huobi Global.

This indicates that the transfer could be the exchange moving its customer’s funds around in cold storage as a maintenance or security measure. So far, Huobi Global has not commented on the transaction.

$1 Billion+ $BTC was transferred in one transaction yesterday. Where did that come from? ?

We took a look and saw that a large percentage of it could be traced to @HuobiGlobal addresses pic.twitter.com/4jdeYMgyNG

— TokenAnalyst (@thetokenanalyst) September 6, 2019

On Wednesday, a movement of 23,999 BTC worth $55.20 million also caused a stir. The Bitcoin was sent from the crypto exchange OKEx to unknown wallets in eight separate transactions.

The company quickly moved to alleviate concern about the transfers and announced that the movements were part of scheduled maintenance.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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