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.
Bittrex moving from one cold storage to another bittrex already notified everyone of this recently— BTC / BLUE (@Paul201999999) February 4, 2020
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.
Just passing the message and to showcase the power of Bitcoin, I bet the fee paid on this transaction would be less that $0.50.— ₿it ₿ull (@darshan_sathya) February 4, 2020