A seriously wealthy crypto wallet just moved $878 billion in Bitcoin in a single transaction.
According to Blockchain.com, a little over 23,022 BTC was sent in a transfer worth $877,598,640. The transaction fee was just 0.00109424 BTC, or about $42.00. At the time of the transaction, Bitcoin was trading at $38,120.
The recipients of the Bitcoin transaction were two unknown addresses, with one receiving 500 BTC and the other approximately 22,522 BTC. The sending wallet was left with a zero balance.
The wallet that received the bulk of the BTC then initiated a transaction of its own, also sending a small amount of BTC to one wallet and the bulk to another wallet.
The process continued several times and at time of writing, the majority of the BTC is in this new wallet that has otherwise never sent or received any crypto.
The movements could be an exchange, institution or an individual who is reorganizing funds. They could also represent a series of over-the-counter trades.
None of the crypto appears to be headed to any known crypto exchange addresses, where the BTC could be sold on the open market.
So far this week, at least six other large transfers involving Bitcoin worth over $100 million have been recorded, according to Whale Alert.