Someone just moved $1 billion in bitcoin to an unknown wallet. | Source: Shutterstock
On September 6, more than $1 billion worth of bitcoin was sent from an unknown wallet. The transaction was processed within several hours with a $700 fee.
The Token Analyst team traced some of the 94,500 bitcoin to the address of Huobi Global, a major cryptocurrency exchange, but the origins of the rest of the holdings remain unclear.
$1 Billion+ $BTC was transferred in one transaction yesterday. Where did that come from? 🤔
— TokenAnalyst (@thetokenanalyst) September 6, 2019
In the past, large cryptocurrency exchanges and trading platforms in the likes of Binance sent bitcoin transactions in the range of hundreds of millions of dollars with small fees.
Binance just created the largest unspent transaction output existing today (but not all time) at 109k BTC (nearly $600M).https://t.co/Ot2ST37flU
— Antoine Le Calvez (@khannib) November 15, 2018
In November 2018, as CCN reported, Binance sent $600 million in bitcoin with a $7 fee, demonstrating the efficiency of bitcoin as a settlement layer.
Could the efficiency of bitcoin help it obtain a safe haven title
Wences Casares, the CEO of Xapo, wrote in an essay entitled “The case for a small allocation to bitcoin” that the efficiency of bitcoin as a decentralized network in processing information could allow it to become a major settlement layer and a network in the long term.