Bitcoin Network Registers $250m Transaction, the Largest in its History

Bitcoin Network Registers $250m Transaction, the Largest in its History

A Bitcoin address, dormant since 2014 and which qualified as one of the top twenty wealthiest wallets, has moved 66,233 BTC a few hours ago, amounting to just over $250 million at today’s subdued prices, making it the largest single transaction in history when valued in USD at the time of payment.

To put the size of the move into context, the amount is around $100 million higher than an entire day’s trading volume at a major exchange such as Bitfinex.

Low Cost Transaction

The quarter billion dollar transaction itself was sent to a number of different SegWit addresses and cost the sender less than $50 in fees – far less than traditional banking institutions would charge for processing a similar amount.

Observers were left pondering the reasons behind the move with some of the more colourful theories suggesting it was Craig Wright securing funds to restart the BCH hash war. Others have suggested that it is simply a whale liquidating his or her BTC holdings following an announcement at the recent G20 Summit in Argentina on the need for international co-ordination on crypto-regulation.

The general consensus, however, has currently settled upon the idea that the transaction was an over-the-counter (OTC) trade. By going down the OTC route, a BTC trade of this size can avoid having any significant impact on the market price of Bitcoin whilst preserving the anonymity of the holder.