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So I sent BTC from my Bybit wallet to Coinbase wallet.

The transaction was successful and I was looking at the blockchain explorer and it had one sender address with an amount different to what I sent and it had so many other recipient addresses listing different amounts. I saw my transaction amongst the various transactions listed in the hash.

Why am I seeing so many transactions with different amounts and is the senders address my address or Bybit?

I am new to BTC and a total noob, please help me make sense of this.

Thank you!

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When you bought bitcoins on Bybit, Bybit added the corresponding Bitcoin balance to your account. Your request to withdraw your funds to your Coinbase wallet caused Bybit, in the role of the custodian of your funds, to issue a payment that sent the funds to your wallet (and reduce your balance with Bybit accordingly).

Bitcoin transactions may perform multiple payments at once by assigning funds to multiple recipients in separate transaction outputs. Presumably, Bybit is a large enough service that many other users requested withdrawals around the same time, and this allowed Bybit to batch together all those payments in a single transaction. As every transaction needs at least one transaction input, a transaction header, and usually a change output to assign the remaining funds back to the sender, payment batching is more blockspace efficient and allows the service to reduce their cost per withdrawal.

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Why am I seeing so many transactions with different amounts

Your custodian probably pooled a bunch of requested IOU transactions together into one larger actual Bitcoin transaction to reduce transaction fees.

This happens because you are using a custodial wallet (the least safe kind) and are not the real owner of money as far as the Bitcoin network is concerned. You just have a kind of IOU that isn't known to the Bitcoin network. The creators of Bitcoin wanted to do away with trusted third parties such as these custodians. By using a custodial wallet you are defeating a large part of the purpose of Bitcoin and (arguably) making your money less safe. That's perfectly OK if you value convenience above security and are happy to blindly trust nameless people who may be located in a far away country whose laws and protections you know nothing about.

The above is a bit of a rant and most customers of the businesses you mention doubtless have a happy and flawless experience. Unfortunately the same was true for MtGox and Quadriga-CX and many others until near the end of those businesses when many customers lost all or most of their money.

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  • When you say IOU, does that mean I am owed or I owe? I received my amount that i sent across wallets, am I owed or do I owe?
    – BTCNOOB
    Commented Jan 21, 2021 at 11:28
  • @BTCNOOB, you gave some fiat money to some people somewhere. You believe they owe you that money or an equivalent amount in some other currency at a rate set by those people at the time you handed over your savings to them. So you believe they owe you. You then asked those unnamed people to send some part of the money owed you to some other group of unnamed people. Now you think both groups of unnamed people owe you money.
    – RedGrittyBrick
    Commented Jan 21, 2021 at 11:31
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You can have multiple outputs in a bitcoin transaction. Helps in reducing fees and better way to use bitcoin.

Batching transactions: https://bitcointechtalk.com/saving-up-to-80-on-bitcoin-transaction-fees-by-batching-payments-4147ab7009fb

Is the senders address my address or Bybit?

If you are withdrawing from Bybit, then it was/were UTXOs for which Bybit owns the private keys.

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