bitcoin on-chain transaction
Record-Breaking $8.9 Billion Of Bitcoin Moved On-Chain In A Single Hour
December 9, 2019
bitcoin on-chain transaction
Record-Breaking $8.9 Billion Of Bitcoin Moved On-Chain In A Single Hour
December 9, 2019

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.

Rafael adds:

“It’s the highest hourly USD transaction volume in Bitcoin’s history.”

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.

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.

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Transactions Took Place Ahead Of The Exchange’s Maintenance

Interestingly, the transactions took place ahead of the exchange’s maintenance.

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.

Source: Cointelegraph | Glassnode
Image Credits: Master The Crypto


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