One Bitcoin whale has just transferred 57,577 BTC, valued at around $415M, from one external wallet to Bittrex. The fee for the transfer was just $5 in total.
There has been an uptick today in large Bitcoin transfers, which is causing some gossip in the cryptocurrency world. Whale Alert (@whale_alert) reported earlier today that around $313M worth of BTC was withdrawn from Bittrex. However, another massive transfer of BTC was just recorded on-chain — which was deposited into Bittrex.
57,577 BTC ($415M) has just been moved from an unknown wallet and deposited into Bittrex. Altogether, the fee for the transaction was just $5.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 57,577 #BTC (414,977,399 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) December 4, 2019
The move was strange for a variety of reasons.
Interestingly, the transaction came from a total of 19 Bitcoin addresses — each with a varying amount of BTC. They all ended up in this recipient address, which now holds 57,577 BTC. The address seems active, with around 54 transactions recorded, but was created relatively recently. The first recorded transaction was on November 27, 2019, and is presumed to belong to Bittrex.
Whale Alert is flagging the address as Bittrex’s own, but the situation is still unclear. The on-chain analyzer initially claimed it was an “unknown wallet” before correcting its reporting.
Given that $313M BTC was just withdrawn from Bittrex earlier today, this deposit is especially strange. Some of the funds withdrawn from Bittrex earlier today have been resent back to Bittrex from this same address. This may indicate that these two massive transfers may be related to Bittrex itself — or someone is just simply playing games on the blockchain to set off the bots.
Bitcoin’s Low Fees
Although a five dollar fee for a transfer worth $415M is impressive by any standard, it pales in comparison to a move reported by BeInCrypto recently.
Last week, one user moved 46,000 BTC ($337M) for just a fee of $0.40.
Images courtesy of Shutterstock, Trading View and Twitter.