BTC - Bitcoin sees highest on chain dollar volume ever

4개월 전

Bitcoin just set a new record in on chain dollar volume

Yesterday (Dec. 4th), close to $9 billion in dollar volume moved in one hour.

For those tracking those kinds of things, it was a new hourly record.

Check it out:

(Source: https://twitter.com/n3ocortex/status/1202354579217797120)

As you can see, we just saw the highest dollar volume one hour period ever for ol bitcoin.

Why the large volume?

Unlike many of the strange occurrences we see in crypto/bitcoin land, we actually nailed down a reason for the move.

Well perhaps not so much a reason, but more of a source.

The large volume movements seem to have mostly come from Bittrex.

Bittrex performed 21 on-chain transactions within one hour, each of which moved around 56,000 BTC, which was worth roughly $416 million at the time.

Interestingly enough, it appears the fee to move that amount of money was in the $.60 range:

https://twitter.com/n3ocortex/status/1202529865397874689

And who says bitcoin doesn't work as a money transmitter?!

Add all those transactions up and we get very close to our $8.9 billion number.

It looks like Bittrex was indeed responsible for about 90% of that volume during the record setting hour.

It wasn't clear why exactly Bittrex was moving around those funds but it appeared that it may have been them moving their cold wallet funds around.

Bittrex responded stating no hacks had taken place.

Phew, we have seen more than enough of those already in the past few years.

Stay informed my friends.

-Doc

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Bittrex is splitting again... First they did split US out of the equation, now they are splitting EU as own version, based in Malta.

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What do you mean about the US being split out?

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Having old "Bittrex" and having "Bittrex International", now they also have "Bittrex Global"...

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Ah, I assumed Bittrex International and Bittrex Global were one in the same?

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They will move a lot of users from Bittrex International to Bittrex Global... I'm just saying what Bittrex itself has posted to their corporate customers. Due to EU regulations (including GDPR), they can't serve EU customers with same corporate identity as customers outside EU.

Doc, can your share your contact information or email me at David@squirrelsatthefeeder.com? I would love the chance to work with you on a squirrely request! Thanks! David

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Sure, sent you an email.

Is that a pump and dump or does it look rewarding

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Not sure what you mean? It looks like it was mostly from Bittrex moving funds around.

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Hi sorry I was in a rush and didn't read the post throughly.. No I thought a big whale dumped alot of bitcoin.. Because I saw an article 2 or 3 days ago saying that alot of BTC will be dumped and there should be huge price implications.. But I geuss those are all just stories created by crypto haters

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I did see some headline the other day about $300 million (or some large number like that) leaving the market, but this wasn't related to that. This appears to be bittrex moving funds around.

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Oh I see.. Well as long as it's not a dump all is great hey

You don't know as to what the reason is for loving so much funds? Is that because of the splitting that guy mentioned in the comments?

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It very well probably could be.