The transaction, which equated to $244 million at the time it was sent, triggered a notification from the Whale Alert bot.
Both the recipient and the sender were unknown entities, which may come as a surprise as transfers of this volume are typically conducted by exchanges.
— Whale Alert (@whale_alert) October 25, 2020
This followed a notable quarter in terms of institutional investment and mainstream adoption, with the likes of MicroStrategy and Square making their respective $475 million and $50 million investments public.
This, coupled with the fact that it costs less than three Dollars to transfer $244 million of value, makes Bitcoin a difficult asset to ignore at the moment, especially in light of a lack of volatility coming from traditional markets.
eToro analyst Simon Peters predicts that Bitcoin may well test its all-time high of $20,000 before it has a chance to touch the $12,000 level of support again.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.