On Dec. 4, Bitcoin recorded its highest hourly USD volume in its entire history. As the graph below shows, more than 8.9 bln in BTC was moved on-chain.
Contain your excitement
One might think that this a sign of much-coveted mass adoption, but there is a more trivial reason behind this massive transaction spike. It appears that the new record was set simply because of cryptocurrency exchanges swapping their gargantuan wallets as a security measure.
"Whale Alert," the service allows keeping a close eye on huge crypto transfers, recently made a splash on Twitter with multiple $400+ mln transfers between wallets of unknown origin.
A bit later, it had to disable alerts in order not to spam its feed during "peeling," the process of breaking up multi-hundred-million-dollar Bitcoin wallets into smaller ones.
Bitcoin goes berserk
Apart from the new transaction record that ended up having zero value related to adoption, Bitcoin also made a couple of extremely volatile price moves on the same day.
At press time, BTC is changing hands at $7,284 with its daily trading volume surpassing $13.1 bln, CoinStats data shows.
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