- A Bitcoin whale wallet moved 20,000 BTC (~$194 million) in a single transaction.
- The crypto space has seen a recent influx in institutional investment.
One of the largest Bitcoin wallets has moved its entire wallet in a single 20,000 Bitcoin transaction. The transaction triggered alerts due to its massive size.
The 20,000 BTC transaction cost 0.00328775 BTC (~$31.94 ) in fees, at a fee rate of 28.4 satoshis/byte. According to Billfodl, the current next block Bitcoin fee is 37 satoshis/byte. Bitcoin fees have been back on the decline following the halving event. Subsequently, Ethereum fees have been on the rise closing the fee spread between the two largest cryptocurrencies.
According to BitInfoCharts, the Bitcoin address has been continually accumulating Bitcoin from late 2018 until early March of this year. The last inflow was on March 9th, 2020, just before “Black Thursday.” Until today, the wallet had no outgoing transactions.
Institutional Sentiment Rises
The crypto sphere has also seen a rise in institutional sentiment in 2020. Grayscale, a leading digital asset investment company, has been adding more Bitcoin to its Bitcoin Trust than are now mined. Grayscale’s recent influx of new money is evidence that the institutional sentiment surrounding Bitcoin and cryptocurrency is changing.
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