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25,000 BTC Transferred for Tiny Fees Banks Cannot Provide

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Sat, 11/04/2020 - 9:01
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25,000 BTC Transferred for Tiny Fees Banks Cannot Provide
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Whale Alert has shared data on a dozen transactions show that a total of 25,000 BTC has been moved by digital exchanges and wallets with anonymous owners. This amount in crypto consitutes 172,534,000 in USD.

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The crypto exchanges involved in those transactions are the top ones, Binance and Bitfinex, as well as OKEx.

The largest transactions on that list were 5,000 BTC and 2,500 BTC.

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Details of those transactions show that fees charged for transferring parts of that gargantuan amount were tiny, such as $0.47 to send 2,500 BTC - $17,235,550.

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On Friday, trader BTC_Macro posted a tweet, stating that a mammoth-sized amount of BTC (worth $1.1 bln) had been moved for a tiny fee of just $0.69.

“$1.1b worth of $BTC were just moved for a fee of $0.69. No bank or third party had to approve the transaction, and no Government could've stopped the transfer. Bitcoin is literally a Swiss bank account in your pocket!”

As for the speed of that transaction, he pointed out that it was ‘0.1% of how long a bank wire transfer takes’.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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