According to Whale Alert, a Twitter account that that tracks large cryptocurrency transactions tweeted a 55,337 BTC transaction taking place yesterday at 7:28 AM.
This was only the first transaction of 21 with roughly the same amount of Bitcoins being transferred back and forth. Twitter users were trying to find out who was moving such a huge amount of Bitcoins and why.
Some theories went as far as saying that Craig Wright was moving his Bitcoin in order to pay his partner the Bitcoin owed.
Other theories involved market manipulation from a whale. Either way, the price of Bitcoin hasn’t been too affected by these transactions and continues to be stable at around $7,500.
Bittrex, the Culprit
Eventually, thanks to on-chain analysis it was found that Bittrex was simply updating its cold storage.
Whale alert caught a huge $313 million in Bitcoin transaction from Bittrex two days ago. A lot of people thought Bittrex was getting hacked, however, it seems that it was simply a scheduled maintenance.
Bittrex moved almost $10 billion in Bitcoin in just a few minutes. Each transaction cost around $0.6 which means the total was around $12 for the whole $10 billion.
Normally, huge transactions of Bitcoin are quite concerning and the FUD starts to spread quickly, however, it seems that investors have learned not to be so fearful anymore.