With the price of Bitcoin (BTC) breaking out toward $9000 in the last 24 hours, investors are no doubt in a bullish move when it comes to how high we can go.
Amid the pump, however, leading crypto exchange Bitfinex in a single transaction from its cold storage address moved roughly $1 billion worth of bitcoin (124,946.6BTC) for a transaction fee of $84 or 0.00964229 BTC.
The exchange was reportedly responsible given a search by Reddit user Kimcheesharts which showed the movement of funds from Bitfinex. The exchange’s address is flagged among the top 100 richest BTC addresses.
Meanwhile, that figure reportedly amounts to 0.7% of the total circulating supply of BTC and no doubt catches the eye as it could indicate which way prices will go next.
The speculation is that the exchange is seeing significant demand for BTC given the recent market uptrend with data from Bitcointradevolume.com supposedly backing it. Bitfinex is reportedly responsible for $118M of Bitcoin’s $1.49 billion spot-trading volume in the last 24 hours.
There is also the possibility that the released funds are set to be traded over-the-counter, and thus would not form part of the stats provided by BitcoinTradeVolume.
Undoubtedly, large transactions such as the recent one by Bitfinex serves a perfect reminder of why cryptocurrencies are highly touted as a suitable replacement for the traditional financial systems.
Moving such a volume of value within a few minutes through legacy systems would require a lot of paperwork and censorship before approval is granted. With Bitcoin, however, these roadblocks do not exist and transactions are verified by math and technology.