Bitcoin whales send millions to bitcoin, barely pay any transaction costs

In the regular media it is often written that the transaction costs of bitcoin are too high. Bitcoin could never be a success if you have to pay a few euros extra in fee for a cup of coffee. However, there is a pin to get in between. For example, more than $ 55 million of bitcoin was sent in one transaction yesterday, the cost? Only $ 2.23.

Online whalers

There are many people and services that focus on large crypto transactions. They can do that by keeping an eye on the blockchain. These are so-called whale watchers. A whale is a name for a trader with a lot of bitcoin or a lot of money.

Yesterday, another major transaction took place. No less than 5,175 bitcoin were sent. The value? More than 55 million dollars. The power of bitcoin is that all transactions are visible on the blockchain. You can also see from which address the transaction comes, and where the bitcoins have been sent. It’s just not easy to find out who the bitcoin addresses are.

So it is guessing what the purpose of this transaction is. Is this an over the counter (OTC) sale? Or are the bitcoin moved for safety reasons? Or is there a party that is preparing for Bakkt?

Send 24,000 bitcoin

Yesterday there was also a bit of panic when it turned out that crypto exchange OKEx carried out eight large bitcoin transactions. A total of no less than 24 thousand bitcoin were sent to unknown wallets. The value of these transactions is more than $ 250 million. You can quickly calculate this on our bitcoin price page.

OKEx fortunately quickly tweeted that it was a maintenance job.

It is scheduled wallet maintenance, don’t worry. Thanks https://t.co/4LFJweDXtd

– Jay Hao (@ JayHao8) September 4, 2019