Bitcoins Worth $83M Moved Between Wallets for Only $1.64

Whale Alerts (@whale_alert) has notified its followers on Twitter of a major Bitcoin (BTC) transfer that occurred earlier today. Around 9,013 coins ($83M) were moved between wallets — with commentators currently split over whether this was an exchange or a major market player. It should also be noted that the fee for this $83 million dollar transfer was just $1.64.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,013 #BTC (83,150,148 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/s3ehAelXXh

— Whale Alert (@whale_alert) October 31, 2019

What’s Behind the Movement of Bitcoins?

As of now, it’s unclear what the motivation was behind the move. The recipient address was previously empty and only has one transaction to it — which is the 9,013 bitcoins. The transfer is likely just a whale moving funds to another address just for security purposes, but that didn’t stop commentators from speculating. One user, Cameron Brooks (@cambrooks), claims that the sending address had activity like this on July 29 — just a day before Bitcoin’s major move upward from $9,150 to $11,900. This may just be a coincidence, but Brooks claims that this was also the last day the United States Federal Reserve also cut interest rates.

These wallets last had activity like this on July 29th pic.twitter.com/UzzRrzfM3A

— Cameron Brooks (@cambrooks) October 31, 2019

Is It Just an Exchange?

Others are claiming that the transfer was between cold wallets for an unknown exchange. However, thus far, no exchange has come forward to claim this move. Overall, the transfer will have likely have little to no impact on the market. Yet, it does demonstrate how efficient Bitcoin really is for moving large amounts of value. Last week, BeInCrypto reported that one whale moved 18,000 BTC ($134M) for a fee of just $3.55. Higher and higher sums are being transacted on Bitcoin’s network than ever before, which demonstrates real value in the cryptocurrency market. It’s a positive sign for the leading cryptocurrency moving forward.

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