$458.1 Mln in Bitcoin (BTC) Sent to Bittrex From Anonymous Wallet: Whale Alert

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Tue, 02/04/2020 - 12:33
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Yuri Molchan
Whale Alert has detected a large amount of Bitcoin sent to Bittrex from an anonymous crypto wallet – is somebody going to sell their BTC?
 $458.1 Mln in Bitcoin (BTC) Sent to Bittrex From Anonymous Wallet: Whale Alert
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Contents

The Whale Alert Twitter page does nothing but report crypto transactions nonstop. Mainly, it just posts large transactions, but sometimes there are gargantuan funds sent in crypto.

This time, the account notified the community that someone sent $458.1 mln to the Bittrex exchange – that’s nearly 50,000 Bitcoins.

Are crypto whales or exchanges doing it?

Traditionally, the crypto community connects such gigantic crypto transfers between wallets or exchanges with whales. However, sometimes, it can just be exchanges sending crypto from one of their cold wallets to another.

This may well be the case here too, as one of the Whale Alert followers pointed out in the comment thread. User ‘BTC/Blue’ stated that the aforementioned money was moved between Bittrex cold wallets and that the exchange had notified the community about it recently.

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Much cheaper than banks would have done it

Another user assumed that the fee for this transaction must have been low, like $0.50 or less, pointing out the fact that Bitcoin allows moving huge amounts of cash to any place in the world much more quickly and cheaply than banks do.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.