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Bitcoin Whales Shift $395,857,505 in BTC for Fee Banks Would Never Offer

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Fri, 12/04/2020 - 10:49
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Yuri Molchan
Anonymous cryptocurrency users have transferred a jaw-dropping amount of almost 400 million USD in Bitcoin, paying tiny fees on it
Bitcoin Whales Shift $395,857,505 in BTC for Fee Banks Would Never Offer
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Popular cryptocurrency tracking service Whale Alert has published a post, reporting that an anonymous crypto whale had made a transfer of 7,221 BTC.

Another recent amount of transferred BTC equals an amount almost two times more than that: 13,187 BTC.

The fees paid by the senders of that jaw-dropping amount of funds are tiny compared to what banks would have charged for the same amount.

$395,857,505 in Bitcoin sent

The two transactions together account for a whopping 395,857,505 USD: 7,221 BTC and 13,187 BTC.

The fee paid to send the smaller BTC amount was 0.00111000 BTC (that is $3.97). As for the second transfer of $253,502,931 in BTC, the sender had to part with 0.00111000 BTC ($21.34).

In the comment thread to the first transfer on Whale Alert, a user suggested that this could be a purchase made by Grayscale on Thursday.

BTC
Image via Twitter

Grayscale buys $1.06 billion in BTC in November

As reported by U.Today on Thursday, Grayscale Investments fund, under the lead of Barry Silbert, had acquired twice as much Bitcoin in November than was mined during that month.

The amount of BTC obtained by the crypto hedge fund totals 55,015 BTC, according to Coin98 Analytics firmthat is $1,068,127,228.

As per data provided by the same company, miners in November produced 27,881 BTC, or $538,973,187.

Prior to that, Grayscale announced that it had over 10 billion USD in crypto under its management.

Related
Grayscale Acquires $1.06 Billion Worth of Bitcoin: Almost Twice More BTC Than Was Mined in Nov. 2020

Peter Schiff pours scorn on Grayscale

Recently, the fund decided to bring back to television its viral advertisement for GBTC, in which it emphasizes its opposition to investment in gold.

The vocal gold supporter and Bitcoin hater Peter Schiff began to pour scorn on Grayscale for that, saying that the fund is the biggest BTC buyer at the moment and coming close to accusing it of manipulating the market and pushing the Bitcoin exchange rate up above the $19,000 level to a new all-time high.

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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.