The UTXOs are being consolidated in packets of exactly 138 inputs, with every input exactly the same size. In other words, this isn't an exchange consolidating user deposits. What's going on? Why would so much bitcoin even exist in these packets of identical UTXOs? Why the need to consolidate them all at once, and at a huge expense? Note: This isn't ordinals/runes. Any ideas? Thanks 🙂
Here's the address: https://mempool.space/address/bc1quhruqrghgcca950rvhtrg7cpd7u8k6svpzgzmrjy8xyukacl5lkq0r8l2d
Edit: Just to reiterate, I don't think this is ordinals related. There are random worthless inscriptions mixed in with the funds, but that's normal now with so many inscriptions being worthless after creation (e.g. BRC tokens). These funds are being consolidated, nothing new is being minted/distributed. The address held nearly $1B in bitcoin last month, so I expect this is linked to a CEX. Also note that while the identical UTXOs are small, they are not tiny dust-limit inscription UTXOs. Each are around 600k sats ($400).
Edit 2: They went from paying $5K in fees per TX this morning to now paying $15K per TX… Why the urgency?
Edit 3: Best explanation for the near-identical packets provided by u/pop-1988 ( https://www.reddit.com/r/BitcoinBeginners/comments/1dabm6c/comment/l7jgz1i/ ) suggesting that the source has such a large number of UTXOs that they have been sorted by size, and are being consolidated in TXs made of UTXOs of the same size. So it could actually be a CEX/gambling platform consolidating user deposits. What still doesn't make sense is them not taking more time to do this in order to keep costs much lower…?
Edit 4: The best combination of explanations so far:
- It's a CEX (likely OKX) who have so many user deposits that, when sorted by size, they end up looking identical.
- Security is so tight/complex for signing the multisig wallet, they wanted to get it all done in one day, regardless of the huge cost in TX fees.
This is the story
i asked myself the same thing… idk
Came here to ask the same thing. Bunch of crazy TXs happening right now:
https://i.imgur.com/ErfdbNG.png
$10M+ spent in fees… does it make sense to phrase it like this when those Sats would go towards fees regardless? It’s not like they could be sold for USD?
The number of transactions continues to grow, whats the deal?
I like the “Cashing” sound of mempool
Yeah it does look odd. My initial thought was ETF settlements.
Took a look at the mempool this morning and WTF’d myself. Looks like they JUST stopped a moment ago at time of this posting.
Currently at 500+ sat/vByte though. Crazy. Gonna take more than a few hours to dig through that backlog.
Hope you weren’t planning on doing any trades over the weekend. May not go as expected.
Seems like txs sending is over
> packets of exactly 138 inputs
It’s “Show all (138 remaining)” after showing the first twelve. So the transactions are using 150 inputs each, and it’s OKX.
They seem to be consolidating at next-block feerates, but whoever initiated their consolidations failed to account for the transaction volume to vastly exceed one block. They are essentially competing with themselves and have driven up their own consolidation feerate. Instead of dumping everything at once and overbidding themselves, they could have literally saved millions of dollars by trickling out their consolidation transactions to only buy e.g. a quarter of a block each block.
Sorry guys its me. Im finally consolidating all my $1 dca😭
!lntip 500
some OKX engineers need to be fired
https://x.com/mononautical/status/1799078462340403457
https://x.com/mononautical/status/1799078462340403457
Someone on stacker news posted this link
OKX consolidation
It is OKX wallet
And the buttcoiners will point to this as “not ready for prime time” moment.
I saw this too. I wonder if it correlates with the dip to $68k.