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$1,400,000,000 in Bitcoin (BTC) on the Move As Ripple Sends $10 Million in XRP to Co-Founder Jed McCaleb

March 07, 2020

A transfer of $1.4 billion worth of Bitcoin (BTC) is turning heads among crypto whale watchers.

The transaction was identified by ByteTree’s Bitcoin tracking terminal and posted on Reddit, where crypto enthusiasts speculated on the nature of the transfer.

Although some Reddit users are concerned that the move implies that a whale is gearing up to rock the market by cashing out, the transfer could also be a crypto exchange moving its assets around for security purposes. The addresses of both the sending wallet and the receiving wallet are unknown at time of publishing.

Crypto traders are also tracking a number of XRP transactions. The largest is a transfer of nearly 86 million XRP worth about $20.6 million. The transfer happened between two wallets of unknown origin.

? ? 85,999,900 #XRP (20,644,789 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/F6se48DbJi

— Whale Alert (@whale_alert) March 5, 2020

A separate transaction of 22 million XRP worth $5.3 million was transferred from the crypto exchange Bithumb to an unknown wallet on Friday.

In addition, Ripple sent 41 million XRP worth $10 million to the company’s co-founder Jed McCaleb on Friday. The transfer is part of a settlement brokered between Ripple and McCaleb in 2016 that allows McCaleb to sell portions of his XRP holdings on a weekly basis.

A recent review from Whale Alert found McCaleb has sold $1.05 billion worth of XRP since 2014.

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Featured Image: Shutterstock/Martin Prochazkacz