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  • New Bitcoin Wallet Abruptly Receives $219,000,000 in BTC – Here’s Where the Crypto Is Coming From

New Bitcoin Wallet Abruptly Receives $219,000,000 in BTC – Here’s Where the Crypto Is Coming From

September 17, 2020

A mysterious Bitcoin wallet just received $219 million worth of Bitcoin (BTC) out of the blue.

OKEx, a Malta-based cryptocurrency exchange, fired off four identical transactions, each in 5,000 BTC chunks, to the same unknown wallet. The four transactions processed within two and a half hours of one another.

? ? ? ? ? 5,000 #BTC (54,281,055 USD) transferred from #OKEx to unknown wallet

Tx: https://t.co/5RYiT9yLtt

— Whale Alert (@whale_alert) September 16, 2020

The total transaction cost for the four transactions was 0.0141613 BTC, worth about $154.40 at time of writing, according to CoinMarketCap.

Each of the transactions from OKEx originated from different addresses, and the unknown receiving wallet now holds 20,000 BTC in total. It received its first batch of crypto on September 16th, and is now the 38th largest Bitcoin address in the world, according to BitInfoCharts. The largest address in the world, the cold wallet for the crypto exchange Huobi, holds 227,502 BTC, worth nearly $2.5 billion.

The transfers could represent a large institution or a buyer moving assets off the exchange. It could also be OKEx itself moving funds on behalf of its customers, although Whale Alert is designed to filter out such transactions.

The crypto analytics firm Glassnode reports that the number of entities with a balance of greater than 1,000 BTC continues to increase, despite an uneven month for Bitcoin price-wise.

The number of #entities with a balance of >= 1k $BTC continues to increase. #Whales#Bullish as we still have not broken the upward trend line despite the dip during the start of September.#Bitcoin #Crypto

Source: @glassnode pic.twitter.com/ZXTnuk1N6v

— ??????????? (@Negentropic_) September 14, 2020

Whale Alert also recently reported two gigantic Ethereum transactions, one worth about $73.6 million and the other worth nearly $64 million. Both were between separate sets of unknown wallets.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/agsandrew