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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 cryptocurrency 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 wallet send and receive addresses have been used more than once. Overall, six portfolios were involved in the transaction.
According to the transaction data, each transfer costs around 0.0001 BTC or just $ 0.93, for a total of around $ 6.51 for the seven transfers.
Conversely, banks would charge a leg to send a huge amount of money this way. Large money transfers through banks can charge fees of up to 1% or more of the amount sent, per transaction.
“This (referring to the latest 27,635 bitcoin transaction) and other recent large #BTC transactions are likely the change in transactions,” explained Whale Alert.
“Change occurs when the output of one transaction is used as the input of another transaction. This production “must be spent in its entirety. Sometimes the coin value of the output is higher than what the user wants to pay. In this case, the client generates a new bitcoin address and sends the difference to this address. “
The $ 2.24 billion comes as the price of BTC fell 0.97% in the past 24 hours to $ 9,374, according to data from markets.bitcoin.com. The major cryptocurrency saw a tumultuous week as it sniffed the key $ 10,000 level before a rapid drop to $ 8,900 and then back above the $ 9,000 zone.
Additionally, the number of whales with 1,000 bitcoins or more in their wallets has risen to 1,882 from around 1,650 in January. It’s the highest number the numbers have hit in nearly three years, Glassnode reported in a new analysis on June 15.
What do you think of the transfer fees of the Bitcoin network? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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