One large player in the market recently moved 46,000 BTC valued at around $337M at the time of writing. The fee for the transaction was just $0.40.
Massive transactions have been happening behind-the-scenes are the cryptocurrency market recovers significant losses in the past few days. One whale, in particular, has just moved $337M worth of Bitcoin BTC, transferring some $337M in BTC.
Whale Alert (@Whale_Alert) set off the alarms yesterday when it notified its followers of the shocking transfer.
— Whale Alert (@whale_alert) November 22, 2019
The most remarkable aspect was not even the sheer amount of BTC moved, it was actually the fee: a measly $0.40 (0.00005507 BTC). Given that the move transferred hundreds of millions of dollars worth of Bitcoin while paying just cents as a fee, this further underscores the ease-of-access Bitcoin still has over traditional payment rails.
The recipient address for the transfer appears to be a new wallet with only 3 recorded transactions on it. Its first recorded transaction was a ‘test’ of just 0.391 BTC.
This is possibly a major industry player consolidating funds in another address for security reasons. However, it may also be linked to a company that does custodial services. Thus far, the addresses are still unidentified.
The reactions to the 46,000 BTC move was largely shock, surprise, and fears of a possible Bitcoin crash. Needless to say, everyone felt so overwhelming small in their holdings compared to this gigantic transfer. Users like Concept (@scottmiller173) were trying to fathom how just minor price volatility in Bitcoin’s price could lead to losses of millions in just a day.
Can you imagine waiting 30 minutes for the transfer to complete and btc dropping a percent and you losing 3.4 million
— Concept (@scottmiller173) November 23, 2019
Others had more poignant observations: the $337M Bitcoin transfer fully demonstrates why Bitcoin will never go to 0. There are simply too many wealthy stakeholders in the network. Bitcoin is, in effect, too big to fail.
Bitcoin is currently trading at around $7,300 after rebounding some 2.5% from its lows of Friday. Given how choppy the market has been, we can likely expect some market turbulence in the coming days.
Images are courtesy of Shutterstock, Twitter.
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