Xapo has just completed the largest transaction in the history of Bitcoin (BTC) in fiat value, $1.173 billion for only $3.64 in fees.
Yesterday at 14:59 UTC, the Xapo company once again made its entry into the history of Bitcoin (BTC), completing the transfer of 88,857.24 BTC.
At the time of execution, the value of the transaction was $1.173 billion, a new historical record for Bitcoin in terms of fiat value.
As is often the case, such a transaction is surprisingly efficient, especially for the costs involved, which are only $3.64.
The funds were sent to 2 addresses, one receiving 43,185.96 BTC ($603 million) and the other 45,671.28 BTC ($570 million).
Bitcoin BTC Transaction
The reason for this record-breaking transaction remains unknown to this day, although it is highly likely that it was simply an internal transfer into Xapo’s cold wallets.
As a provider of ultra-secure custody services for cryptosystems, Xapo is used to large-value transactions. The company regularly transfers large amounts of BTCs internally, sometimes several tens of thousands as here.
Although the sender address belongs to Xapo, this colossal transfer should rather be allocated to Coinbase.
Indeed, Xapo Custody, the custodial service for Xapo’s institutional business, was acquired by the US platform in 2019 for $55 million.
The previous record was held by Bitfinex, which had completed a $1.1 billion transaction last April for only $0.70 in fees.
And even though the record for Bitcoin’s largest transaction has just been broken, this only concerns the dollar value of the transfer. In terms of the number of BTCs transferred, it will be difficult to dethrone the current record.
This feat was achieved on November 16, 2011 by the now defunct Mt Gox exchange, in a transaction of 550,000 BTCs. Valued at „only“ $1.32 million when it was executed, this amount of BTC is now close to $7.2 billion.
A reaction to the price of Bitcoin?
As usual, such a transaction has had a small effect on the price of Bitcoin. Even if the link between the two events is not unanimous for the crypto-sphere, the fall of the BTC following the transfer is notable, the price having fallen by nearly 3% in 1 hour and 30 minutes.
However, the BTC quickly regained its initial position, the Xapo transaction being in no way alarming:
Bitcoin Xapo Transaction
By whom will this new record be broken? The answer will most certainly be in a few months, if Xapo doesn’t repeat the feat by then.