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Bitcoins Worth $416 Million Just Moved to an Unknown Wallet

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Over 55,000 bitcoins, currently worth over $416 million, have just been moved to an unknown wallet, probably an exchange.

The transaction took place one hour ago and nearly the same amount of bitcoins moved from address to address spreading between 10-100 BTC to some other addresses with the final transaction concentrating the biggest amount in this address that now holds 55,877 BTC.  The same address seems to have zero balance in BTCH and zero balance in BSV.

The receiving address where the biggest part of the bitcoins concentrated is now the #13th largest BTC wallet, and the largest wallet not known to be associated with a cryptocurrency exchange.

Fear and concerns usually spread when large amounts of bitcoin from unknown sources move suddenly. Some suggested that it is PlusCoin bitcoins. Some even have gone so far saying that it is “faketoshi” preparing to pay for the Kleiman lawsuit.

However, the large move did not cause price movement at least for now. Some twitter analyst also reported hundreds of thousands in bitcoin transferred in the last hour, but it was the same 55,000 BTC being transferred and fractioned in 10-100 BTC per address. This process is usually called peeling and is normal behavior for wallets that many exchanges use according to Whale Alert.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

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