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February 27, 2024
PI Global Investments

Over 200K Bitcoins Worth $9 Bln On Move Causes Panic, What’s Happening?

In a surprising turn of events, the cryptocurrency community is abuzz with speculation as 210,010 Bitcoins were recently transacted in block #824239, marking one of the most substantial transfers witnessed in the history of Bitcoin. Maartunn, a well-known on-chain crypto analyst at CryptoQuant, unveiled the details of this colossal transaction, triggering a wave of curiosity and intrigue within the digital currency space.

Unveiling The Hefty Bitcoin Transfer

Maartunn took to the X platform to disclose the unprecedented transfer, shedding light on the intricacies of the transaction. The staggering amount of 210,010 BTC, worth around $9.02 billion at the current Bitcoin price, moved within block #824239, prompting the crypto expert to express astonishment at the sheer magnitude. While the origin and purpose of this colossal transfer are yet to be fully deciphered, Maartunn shared preliminary details.

Meanwhile, the transfer’s breakdown reveals an input of 210,010 BTC from the wallet address bc1qgdjqv0….nvqqjwvw97. The output includes a significant allocation of 6,000 BTC to the address 1Kr6QSydW9…pJGmUa9i1g. Interestingly, the change from this monumental transfer amounts to 204,010 BTC, returning to the originating address.

The hefty transfer has sparked speculations in the crypto market, especially amid hovering FUD sentiment dominating the market. Notably, the Bitcoin price has recently crossed the $45,000 mark before reversing its course on Wednesday, after the Matrixport report suggested that the SEC could reject all the Spot Bitcoin ETF filings in January.

Source: Paolo Ardoino, X

Also Read: Huobi Korea Announces Termination Of Virtual Asset Exchange Services

Bitfinex Cold Wallet Connection In The Transactions

Adding a layer of complexity to the narrative, it has been unveiled that the originating address, bc1qgdjqv0….nvqqjwvw97, is associated with Bitfinex’s cold wallet. Bitfinex, a prominent cryptocurrency exchange, is now entwined in the story, raising questions about the motive behind such a colossal transfer and its potential implications for the market.

For context, a user has shared an old update of Paolo Ardoino, the CTO and co-founder at Bitfinex from February 2020, where he confirmed the originating address as the exchange’s “new cold wallet”.

As the crypto community eagerly awaits further insights from Maartunn’s ongoing research into the origin and purpose of this massive Bitcoin transfer, the incident stands as a testament to the ever-evolving and intriguing nature of the cryptocurrency landscape.

Meanwhile, the Bitcoin price was down 5.19% to $42,926.76 as of writing, while its trading volume rose 59.64% to $47.28 billion from yesterday. Notably, the crypto has touched a high of $45,503.24 and a low of $40,813.53 in the last 24 hours, reflecting the highly volatile condition in the market.

Also Read: South Korea To Restrict Credit Card Use For Crypto Transactions

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