Almost $9 Billion of Bitcoin Moved On-Chain in 1 Hour: Record
Adrian Zmudzinski's original article for cointelegraph.com reduced by 79%
On Dec. 4, $8.9 billion in Bitcoin were moved on the blockchain in a single hour, excluding change volume, which is Bitcoin that returns to the sender. Bitcoin's high transaction volume was pointed out by Rafael Schultze-Kraft, the co-founder of on-chain market intelligence firm Glassnode.
Bitcoin hourly on-chain transaction volume in U.S. dollars. Earlier today, on Dec.
5, Glassnode posted on Twitter claims that the spike was caused by cryptocurrency exchange Bittrex moving a large amount of Bitcoin multiple times. According to the tweet, the exchange performed 21 on-chain transactions within one hour, each of which moved around 56,000 BTC for a fee of about $0.60. While at present it is still unclear why the transactions took place, some speculate that the reason may be that funds contained in the exchange's cold wallets were moved.
One of the latest examples took place in November, when Bitcoin's blockchain mempool was at its highest level since January last year without a corresponding spike in the number of unconfirmed transactions.
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