In a few days, the Bitcoin network showed a huge surge in transactions; by August 21, their total value reached almost 25 million BTC. According to TokenAnalyst, this is due to a sudden increase in transfers, as if to oneself to the main wallet.
This sudden surge in the total value of bitcoin transactions has reached a record high over the past two years.
According to Blockchain.com, on August 21 the network showed a result of 24.5 million BTC, which is an incredible increase compared to 966,000 BTC, registered three days earlier on August 18.
This is the second largest result in the history of bitcoin – on January 24, 2016 the number of transactions reached a maximum with a total value of 38.4 million BTC.
Large spikes in activity often occur before a price spike, both up and down. However, some analysts believe that a sudden surge in network activity was caused by another factor. According to TokenAnalyst, a jump in the total value of transactions corresponds to an equally significant jump in volume changes.
A change in volume or a change in the corresponding volume is a term used to describe transactions in which senders send funds to themselves. In this case, this is due to the features of the Bitcoin UTXO protocol.
TokenAnalyst data showed that on August 21, the volume reached $ 242 billion, which is $ 147 billion more than on August 20.
The past two days (21/08/19 and 20/08/19) have seen the largest amount of change volume ever seen on the Bitcoin blockchain.
Addresses sending funds to themselves is the primary cause with 3AQ4kUjQaDjCjmDh2ojKEHjUKTSi52UUqD at the center of it. https://t.co/qiA5yAk011 pic.twitter.com/rOlfRQ82D7
– TokenAnalyst (@thetokenanalyst) August 21, 2019
There are different versions of what happened, but it is known that most of the volume was provided by one Bitcoin wallet . He sent large outgoing transactions, and then smaller ones to other connected addresses.
Opinions were also expressed that this was over-the-counter trading, and most likely the transactions were related to the recent acquisition of the Xapo service by the Coinbase cryptocurrency exchange .
Publication date 08/27/2019
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