RATE Group | Almost $9 Billion of Bitcoin Moved On-Chain in 1 Hour: Record
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Almost $9 Billion of Bitcoin Moved On-Chain in 1 Hour: Record

06 Dec Almost $9 Billion of Bitcoin Moved On-Chain in 1 Hour: Record

Posted at 02:37h in Bitcoin News by

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On Dec. 4, $8.9 billion in Bitcoin (BTC) were moved on the blockchain in a single hour, excluding change volume, which is Bitcoin that returns to the sender.

Bitcoin’s high transaction volume was pointed out by Rafael Schultze-Kraft, the co-founder of on-chain market intelligence firm Glassnode. In a tweet on Dec. 4, he claimed that such a high hourly transaction value was a first for the network:

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

Bitcoin hourly on-chain transaction volume in U.S. dollars. Source: tweet

Bitcoin hourly on-chain transaction volume in U.S. dollars. Source: tweet

Bittrex is responsible for the spike

Schultze-Kraft’s company apparently soon started work to uncover who or what was the reason for this unusual spike. Earlier today, on Dec. 5, Glassnode posted on Twitter claims that the spike was caused by cryptocurrency exchange Bittrex moving a large amount of Bitcoin multiple times.

According to the tweet, the exchange performed 21 on-chain transactions within one hour, each of which moved around 56,000…

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