A Bitcoin whale has moved 2 percent of Bitcoin’s total supply, worth US$15.3 billion, in a record single transaction, pushing the price up 8 percent to break through the key resistance level of US$40k for the first time in over a month.
The one-of-a-kind transaction of 400,519.2286 BTC was processed as an entire block on the Bitcoin network. It was recorded on Blockchain.com as Block 692828: “This block was mined on July 27, 2021 at 11:58 AM GMT+10 by Poolin – it currently has 205 confirmations on the Bitcoin blockchain.”
Documenting Bitcoin confirmed the milestone transaction on Twitter:
How Bitcoin Blocks Work
The blockchain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the blockchain. It allows wallets to calculate their spendable balance so that new transactions can be verified, ensuring they’re actually owned by the spender. For more, watch how blockchain technology works here.
The sea is rising again. After almost a decade, a wallet containing 791 BTC became active again earlier this year. The Satoshi era wallet drew the attention of Whale Alert by making a transaction worth over US$21 million. A few months earlier, a Bitcoin Whale moved A$1 billion of BTC into storage.
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