We have seen some monumental Bitcoin transactions over the years, but one block contained transactions worth little more than 5% of all the Bitcoin in existence. The block which sits at a depth of 606641 contained a sweltering 903592.11805469 BTC from a little more than 3,000 transactions. This means that just over 5% of all Bitcoin in circulation moved during this 10-minute period. The transaction fees for this gargantuan block came in at a little over 0.25 BTC, highlighting once more how Bitcoin miners will struggle to operate once the block rewards grow increasingly smaller.
Nothing to See Here
Following analysis of addresses in the block, it very much appears as if the action comes from exchanges and whales moving funds between cold wallets, rather than from cold wallets to exchanges. Had all of this Bitcoin been sent to an exchange, it would most likely have caused a fresh bout of panic amongst greenhorn traders. So, while this huge block is particularly interesting for the amount of Bitcoin moved in 10 minutes, it was actually a rather mundane and uneventful block.
More Exchange Activity Being Picked Up
At the time the block was mined, very little information was known about the wallets that received large volumes of Bitcoin. However, in the days following the block, more exchange like behavior has been noted on the wallets, leading many to believe that these wallet addresses in fact belong to an exchange. That being said, until an exchange puts its hand up and admits to these huge transactions, then we will never know for sure.
These types of transactions are fairly regular and normal, so there is no need to panic sell your Bitcoin. This was simply the act of exchanges looking to keep their cold storage as secure as possible and prevent any theft from occurring.
