123,447 Bitcoin worth $ 1.1 billion in motion, analysts track the source of the giant BTC transfer

Cryptocurrency traders are monitoring an impressive movement of 123,447 Bitcoin (BTC) worth approximately $ 1.1 billion.

The Twitter reference source for colossal crypto transfers, Whale Alert, was one of the first to report the transaction. Initial reports show that the BTC was sent between two wallets of unknown origin. The transaction fee was a meager 0.00005578 BTC, which is worth only 48 cents.

According to the blockchain analysis firm Token Analyst, the wallets in question are owned by the Hong Kong-based Bitfinex encryption exchange. However, the exchange has not confirmed that it is behind the transfer.

At the end of last year, the US-based Bittrex cryptocurrency exchange. UU. He made waves by transferring a total of approximately $ 9 billion in BTC in 21 separate transactions in less than an hour. The Glassnode analysis company attributed the movements to the exchange.

Anthony Pompliano, co-founder of the digital asset management company Morgan Creek Digital, says Bitcoin is proving to be an extremely reliable way to transfer value without the need for a third party. The appointment Coin Metrics data showing that the amount of value settled on the Bitcoin network reached $ 673 billion in 2019.

“Bitcoin earned $ 673 billion in volume of chain-adjusted transactions in 2019, according to @coinmetrics. $ 673,000,000,000 in a single year. That’s 10 times what Venmo did in 2018. It’s almost impossible to deny the popularity of Bitcoin worldwide. “

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