$ 1.15 billion in Bitcoin transfered
In the afternoon of October 26, the Twitter bot @Whale_alert, which reports the large transfers, alerted the community of 2 transfers from the same address. In total, this address sent 88,857 BTC, or the equivalent of $ 1.15 billion at the time of writing, for just $ 3.58 in fees.
— Whale Alert (@whale_alert) October 26, 2020
In fact, the transaction was issued by a Xapo wallet. As a reminder, the company was bought in 2019 by Coinbase Custody, the custody service developed by Coinbase.
Several hypotheses can justify this transfer. For some, Xapo has moved part of its funds in custody to its cold wallets. For others, it is a user who would have withdrawn his funds to put them in safety or to invest in other projects.
Whatever the reason, this event demonstrates the effectiveness of cryptocurrencies against the banking system … or at least the disruptive nature of an uncensored digital currency: no one will have been able to prevent this transfer, regardless of its purpose and the potential players involved. ‘he implied.