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Massive $417 Million Bitcoin (BTC) Transfer Triggers Cryptocurrency Whale Alert

source-logo  dailyhodl.com 14 May 2020 02:50, UTC

A huge Bitcoin (BTC) transfer is turning heads in the crypto community.

One of the largest whales on the ledger just received 47,835 BTC worth $417 million – for a fee of just $1.44.

The transaction was spotted by the Bitcoin Block Bot, an on-chain whale tracker designed to identify large movements of cryptocurrency.

Source: Blockstream.info

The Bitcoin address that received the huge trove of crypto is the 16th largest in existence at time of publishing, according to BitInfoCharts.

The wallet is highly active, and has sent and received large batches of cryptocurrency for months. This could indicate a cryptocurrency exchange owns or an institutional custody service owns the wallet.

Although there has been speculation that the address is associated with the Seattle-based crypto exchange Bittrex, the owner of the wallet has not been confirmed.