123,447 BTC ($1.1B) has just been transferred in an internal Bitfinex transaction. The total cost of the move was just $0.48.

Bitfinex is refilling its hot wallets, setting off alarm bells at Whale Alert (@whale_alert). The bot reported this morning that 123,447 BTC had been transferred.

A Massive Transfer for a Measely Fee

Such large amounts of Bitcoin (BTC) on the move are relatively rare, but Bitfinex CTO Paolo Ardoino soon came out to clarify. The transfer was a refill to the exchange’s hot wallet, but what’s most remarkable is how cheap the transfer was — altogether, it cost just $0.48.

Advertisement
Continue reading below

BeInCrypto reported in November of a whale moving $337M worth of BTC for just a fee of 40 cents. However, this Bitfinex transfer is many times bigger and even cheaper relative to the amount of BTC moved. Altogether, it underscores how inexpensive Bitcoin remains compared to retail banking where transferring $1B for this cheap would be unthinkable.

Bitfinex is among the leaders in the amount of Bitcoin it has in its custody. According to metrics reported on by BeInCrypto last month, Bitfinex has around 146,120 BTC. This transfer involved moving most of the exchange’s BTC in custody, a rare occurrence in the cryptocurrency market.

CTO Paolo Ardoino has said that he will work with Whale Alert to prevent these notifications next time and it should not scare the community.

Bitcoin Starts the Year Strong

At the time of publishing, Bitcoin’s price remains mostly unchanged despite the transfer. It down slightly on the daily and trading around $8,600.

After a significant spike on Jan 14, Bitcoin seems to have settled at this price point which many traders have expressed optimism in the short-term. Some are even arguing that the local bottom for 2020 may already be in, although a pullback to $8,200 is still in the cards.

Given that Bitcoin’s next halving is expected in May of this year, some more positive movement seems to be possible.