Bitcoin Processes Its 1 Billionth Transaction As A BTC Whale Breaks Its 10-Year Slumber With $44 Million Transfer

Updated: 06 May 2024

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The Bitcoin network processed its one billionth transaction while a BTC address that had been dormant for a decade transferred more than $44 million in the leading crypto earlier today.

Bitcoin’s one billionth transaction took place during block 842,241 at 9:24 p.m. UTC on May 5, Clark Moody’s dashboard shows. This is exactly 15 years, 4 months and 4 days since the first block was mined on the network on Jan.3, 2009 by Satoshi Nakamoto.

Bitcoin Processed Around 178,475 Transactions A Day Since Its Launch

Bitcoin has processed approximately 178,475 transactions per day since its inception. However, this does not include transactions that were facilitated on the Lightning Network.

#Bitcoin has officially processed over 1 billion transactions. pic.twitter.com/kS704YYoW5

— Wicked (@w_s_bitcoin) May 5, 2024

The prominent layer 2 protocol processed around 6.6 million transactions in August 2023 alone, according to data from the Bitcoin-focused exchange platform, River. This suggests that hundreds of millions of transactions were processed on the Lightning Network since it launched at the start of 2018.

There was a spike in the number of daily transactions on the Bitcoin network during the fourth halving event on Apr. 20. Token holders remained active on the blockchain after the historic event as well, with a record high of 926,000 transactions processed on Apr. 23.

Sleeping BTC Whales Awaken And Transfer Millions Of Dollars In Bitcoin

Dormant BTC whales have come alive in the past few weeks. Earlier today, a wallet that had been inactive for over a decade transferred its entire holdings of 687.33 Bitcoins. This address had received the BTC when the crypto was trading for $917 on Jan. 12, 2014, according to the on-chain tracking platform Lookonchain.

A wallet that has been dormant for 10.3 years transferred all 687.33 $BTC($43.94M) out 10 mins ago.

The whale received 687.33 $BTC($630K at that time) on Jan 12, 2014, when the price was $917.

Address: 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G pic.twitter.com/tEPqM0CrrK

— Lookonchain (@lookonchain) May 6, 2024

Another wallet that had not transacted since 2019 moved $6 billion worth of the leading crypto in March this year. This is after 50,000 dormant BTC was moved less than a week before the January approval of several spot Bitcoin ETFs (exchange-traded funds) in the United States.

Meanwhile, BTC managed to climb over 1% in the last 24 hours to trade at $64,553.72 as of 4:15 a.m. EST. With this latest gain, BTC’s weekly performance was pushed deeper into the green zone. As a result, the crypto’s price is up more than 3% over the past week.