October 1, 2020

Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7

Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7

Whale alert reports that a so-called whale has transferred the equivalent of $2.24 billion in bitcoin for less than $7.

In a series of tweets on Friday, the crypto tracking tool said the bitcoin (BTC) whale sent a total of 241,500 BTC in seven successive transactions within one hour.

Each transaction, made separately to unknown wallets, contained between 27,000 and 40,000 BTC. Some of the sending and receiving wallet addresses were used more than once. Altogether, six wallets were involved in the transaction.

According to the transaction data, each transfer cost around 0.0001 BTC or just $0.93, giving a total of about $6.51 for the seven transfers.

By contrast, banks would charge an arm and a leg to send a huge amount of money like that. Big money transfers through banks may attract fees of up to 1% or more of the amount being sent, per transaction.

“This (referring to the last 27,635 bitcoin transaction) and other recent large #BTC transactions are likely the change of the transactions,” Whale Alert explained.

“Change occurs when the output of a transaction is used as the input of another transaction. This output “must be spent in its entirety. Sometimes the coin value of the output is higher than what the user wishes to pay. In this case, the client generates a new bitcoin address, and sends the difference back to this address.”

The $2.24 billion comes as the price of BTC fell 0.97% over the past 24 hours to $9,374, according to data from markets.bitcoin.com. The top cryptocurrency has seen a tumultuous week, in which it sniffed the key $10,000 level before a rapid decline to $8,900 and then back up to above the $9,000 zone again.

Also, the number of whales with 1,000 bitcoin or more in their wallets has climbed to 1,882 from around 1,650 in January. It is the highest the numbers have reached in nearly three years, Glassnode reported in a new analysis on June 15.

What do you think of the Bitcoin network transfer fees? Let us know in the comments section below.

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