Record: almost USD 9 billion of Bitcoin were moved in the chain in 1 hour

On December 4, USD 8.9 billion in Bitcoin (BTC) moved in the blockchain in a single hour, excluding the exchange volume, which is the Bitcoin that returns to the sender.

The high volume of Bitcoin transactions was pointed out by Rafael Schultze-Kraft, co-founder of the on-chain market intelligence firm Glassnode. In a tweet on December 4, he said that such a high hourly transaction value was something new to the network: “It is the highest volume of hourly dollar transactions in Bitcoin history.”

Bittrex is responsible for the peak

The Schultze-Kraft company would have begun working quickly to find out who or what was the reason for this unusual peak. Earlier today, on December 5, Glassnode posted on Twitter that the increase was caused by the Bittrex cryptocurrency exchange, which moved a large amount of Bitcoin several times.

According to the tweet, the exchange carried out 21 chain transactions within one hour, each of which moved around 56,000 BTC (almost USD 416 million) for a fee of approximately USD 0.60. The tweet also contained a link to data related to the first of those transactions.

Interestingly, the transactions were made before the maintenance of the exchange scheduled for today. Cointelegraph Spain reported yesterday on the transactions, and Bittrex told the media that there was no hack. While it is not yet clear why the transactions were carried out, some speculate that the reason may be that the funds contained in the cold wallets of the stock market moved.

From time to time, the Bitcoin blockchain shows a seemingly anomalous activity that is explained later. One of the last examples took place in November, when the Bitcoin blockchain mempool was at its highest level since January last year without a corresponding increase in the number of unconfirmed transactions.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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