Bitcoin Whale Moves $104,000,000 in BTC As Ripple Initiates Transfer of 1,000,000,000 XRP

5 November 2020

in XRP

Reading Time: 3 mins read

One of the biggest crypto whales in the world is moving a large trove of Bitcoin.

A number of crypto whale trackers spotted the large transaction, which transferred a whopping 7,749 Bitcoin (BTC) worth $104,344,025 for a fee of about $9.00.

Blockchain data shows the whale moved the crypto to two separate addresses, sending the vast majority of the crypto to a second wallet with no past transactions.

Source: Blockchain.com

BitInfoCharts shows the sending address was the 245th largest Bitcoin wallet prior to the transaction on Tuesday.

None of the addresses involved are known to be connected to crypto exchanges, which suggests the owner of the BTC may be shifting funds for security purposes.

Whale watchers are also tracking Ripple’s movements of XRP.

The San Francisco-based payments company, which owns more than half of the total supply of XRP, sent 1 billion XRP from two escrow wallets to three funding wallets owned by Ripple.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (119,970,111 USD) transferred from Ripple Escrow wallet to Ripple

Tx: https://t.co/r0UZzydTsM

— Whale Alert (@whale_alert) November 1, 2020

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 400,000,000 #XRP (95,754,256 USD) transferred from Ripple Escrow wallet to Ripple

Tx: https://t.co/bPFcYKOOFo

— Whale Alert (@whale_alert) November 1, 2020

🚨 🚨 100,000,000 #XRP (23,787,664 USD) transferred from Ripple Escrow wallet to Ripple

Tx: https://t.co/m26gWHCqaw

— Whale Alert (@whale_alert) November 1, 2020

Ripple has set up an escrow program that allows it to routinely access 1 billion of its XRP each month, allowing it to sell portions of its crypto assets to third parties and institutions.

The company says it continues to use its XRP holdings to fuel its remittance platform, On-Demand Liquidity, but it has stopped selling XRP on the open market.

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