Ali is a News Reporter at Invezz covering the cryptocurrency markets and blockchain industry. He has 10 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profiled investment sites including CCN, Capital.com, BeInCrypto, Bitcoinist, and NewsBTC.... read more.
Updated on
Jun 14, 2024
Reading time 2 minutes
Another crypto whale has just moved a major amount of 43,564 BTC ($313 million) from a crypto exchange
Just like the case from a few weeks ago, this whale also paid an extremely low fee to transfer
Many have pointed this out as a clear advantage that Bitcoin offers over traditional payment channels
Crypto whales have been known for their tendencies to move millions, or even hundreds of millions in cryptocurrency to and from exchanges, between wallets, and alike. While many assumed that this was often done to manipulate the market, no one ever thought to question the size of whales’ transaction fees.
Recently, however, one of the whales moved a
huge amount of 46,000 BTC ($338 million) for an exceptionally low fee of only
$0.40, which seems to have sparked a new trend.
Another announcement from only three hours ago
noted that yet another whale had transferred a massive amount of 43,564 BTC
($313 million) from Bittrex to an unknown wallet. This time, the fee was only slightly larger, sitting at $1.
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Of course, the ridiculously low fees did not
take the entire spotlight for themselves, and traders are still more than
willing to speculate regarding the meaning of the move. Since the coins were
transferred from the exchange to the wallet, many believe that this might mean
that HODLing is the best thing to do right now.
Still, the fee is not only tiny compared to
what traditional banks would ask, but also when compared to fees that whales
used to pay before. In the past, moving amounts of this size, or even significantly
smaller, would often result in hundreds of dollars worth of fees.
Cases such as this are constantly proving to people that they do not have to get their funds reduced in order to pay huge amounts to payment services such as banks, credit card companies, or even services like PayPal. There is a clear benefit in sending BTC payments when one can send hundreds of millions of dollars and only pay $1 for the service. At the same time, transactions are safe, and they only take a short time, instead of having to wait for days, or even longer.
