Categories: Bitcoin Business

$1 Billion USD Worth of Bitcoin Transferred, Bakkt Opens BTC Deposits

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In what seems to be one of the biggest transfer in the history of crypto, one billion USD worth of Bitcoin was moved to an unknown wallet on September 6, 2019.

According to information from crypto Whale Alerts, a huge-sized transaction amounting to 94,504 BTC (equivalent of $1.018 at press time) took place on the Bitcoin blockchain. The crypto community is gripped in suspense given that the amount was moved to an unknown destination.

94,504 #BTC (1,018,147,922 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/VWb8slswa8

— Whale Alert (@whale_alert) September 6, 2019

How Much Did It Cost to Move the “Mammoth-sized” BTC Amount?

Bitcoin has always been on the receiving end by attacks from its critics, mainly based on the fees charged on transactions. However, this one-billion dollar crypto fortune cost the user only $700 in fees to transfer.

According to crypto analyst Alex Kruger, this move signifies that Bitcoin whales are waking up from hibernation, which could lead to significant ramifications in either direction.

Responding to the Whale Alert tweet that revealed the unusual transaction, Kruger tweeted:

Bitcoin from the largest non-exchange address on the move (or so it seems).

Now, whoever you are, please be a good friend and go 2x with this. pic.twitter.com/70akH5OKzu

— Alex Krüger (@krugermacro) September 6, 2019

Transaction Linked to Bakkt?

According to some Twitter users, the huge BTC transaction from an unknown wallet to an unknown wallet could be linked to Bakkt—the ICE-backed exchange, which is set to launch its custody service named Bakkt Warehouse today (September 6, 2019).

Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23

The availability of physical delivery brings more flexibility in managing bitcoin exposure

— Bakkt (@Bakkt) September 6, 2019

Bakkt plans to roll out its physically settled Bitcoin futures towards the end of this month on September 23.

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