Almost $8.9 billion in Bitcoin (BTC) were moved on blockchain in a single hour (excluding change volume) which is Bitcoin that returns to the sender.
On Dec. 4, co-founder of on-chain market intelligence firm Glassnode, Rafael Schultze-Kraft pointed out the Bitcoin’s high transaction volume while claiming that such a high hourly transaction value was a first for the network.
$8.9 billion in #Bitcoin were moved on–chain in a single hour this afternoon. It's the highest hourly USD transaction volume in Bitcoin's history 🔥 pic.twitter.com/pWdXBszuIc — Rafael Schultze-Kraft (@n3ocortex) December 4, 2019
Rafael adds:
“It’s the highest hourly USD transaction volume in Bitcoin’s history.”
<img width="2048" height="1149" src="https://i2.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/12/EK-fGXJXkAAgH_J-scaled.jpg?fit=1024%2C574&ssl=1" alt="" class="wp-image-6876 lazyload" />
Bitcoin On-chain Volume (USD). Source: Glassnode market data
Bittrex Responsible For The Spike
On Dec. 5 Glassnode posted that the spike was caused by cryptocurrency exchange Bittrex moving a large amount of Bitcoin multiple times.
This $8.9 billion spike in on–chain volume was caused by @BittrexExchange moving a large amount of #bitcoin several times – a series of 21 transactions within one hour, each moving ~56,000 $BTC. The first transaction in this sequence was: https://t.co/6zNGp7pwC3 https://t.co/kmc3ElnK5R — glassnode (@glassnode) December 5, 2019
Bittrex performed 21 on-chain transactions within one hour, each of which moved around 56,000 BTC (nearly $416 million) for a fee of about $0.60.
The tweet also contained a link to data pertaining to the first of those transactions.
Transactions Took Place Ahead Of The Exchange’s Maintenance
Interestingly, the transactions took place ahead of the exchange’s maintenance.
#Bittrex Customers: https://t.co/vWO7SITe5n will be offline on December 5 for scheduled maintenance which will result in downtime starting at 11:00 AM PT and may last until 12:00 PM PT. Find out what this means for you: https://t.co/B6llnkBOYK pic.twitter.com/drAPV3kAjY — Bittrex (@BittrexExchange) December 4, 2019
Although 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.
Exchange cold wallets getting bigger. Nothing serious. — insomFX (@insomfx) December 4, 2019
Source: Cointelegraph | Glassnode Image Credits: Master The Crypto
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