A new record has been set by the Bitcoin network, for the largest transaction volume to ever be recorded within one hour in all of the network’s history. On Thursday Dec 5, approximately $9 billion was moved in a series of transactions in less than an hour.
The event was first brought to the public via a tweet from Rafael Schultze-Kraft, one of the cofounders of Glassnode market intelligence firm. Glassnode also tweeted from its official account, confirming the occurrence.
In Glassnode’s tweet, the company explained that the funds belonged to the Bittrex crypto exchange and that the transfer was completed in about 21 transactions with each one worth 56,000 BTC. After Glassnode’s tweet, it was assumed that the fund transfers were done as part of maintenance activity being carried out by the crypto exchange. The exchange had previously announced in a blog post that it would be undergoing “scheduled maintenance” between 19:00 UTC and 20:00 UTC on the day. Bittrex so far has not announced anything about the transfers.
The movement is however not strange as crypto exchanges are known to move funds from one place to another whenever they are running upgrades and doing routine maintenance. It has also come to light that Bittrex spent less than $19 in transfer fees, to move all of the money.
While large transfers like this usually tell in market prices, the price of Bitcoin has not changed much in response to the movement.
Image Credits: Pixabay
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