Bitcoin Whale Watch, USD 380 Million Leaves #1 Bitcoin Wallet In Only 4 Days

Bitcoin whale watch is in full effect since 58,550 bitcoins worth approximately USD 380 million left the biggest Bitcoin wallet in only 4 days. The wallet in question is the Bitfinex cold storage wallet, and based on the blockchain records, this sort of outflow in such a brief amount of time is highly unusual. Remarkably, despite the huge amount of Bitcoin sent out of the wallet, it is still the #1 Bitcoin wallet with 170,500 Bitcoins worth approximately USD 1.11 billion.

There are speculations among the Bitcoin whale watchers that such large movements of Bitcoin could precede a dump. That is possible if this Bitcoin is going from Bitfinex’s cold storage to a hot wallet in preparation for a dump. However, according to data on Bitcoinwisdom, there is no indication of such a large amount of bitcoins being dumped on Bitfinex. This large outflow of Bitcoin from the cold wallet was completed on the 13th of September 2018; it’s been 3 days since then (as at the time of this writing).

In a more optimistic scenario, perhaps someone has decided to hodl this USD 380 million of Bitcoin in anticipation of a rally in the long-term and has moved the bitcoins from the exchange to their personal wallet. Another possible scenario is that this just represents Bitfinex moving coins around for unknown management reasons, perhaps making their hot wallets more liquid, or in preparation of a business deal.

The reality, however, is that no one knows for sure what is going on, and it isn’t worth speculating since there are so many possibilities. Even if this was the worst case scenario and these bitcoins are meant to be dumped, it wouldn’t affect the market much because every single day there are several billion in USD of Bitcoin trading volume on spot exchanges worldwide.

One remarkable aspect of this USD 380 million worth of Bitcoin outflow from the Bitfinex cold wallet is that they only paid USD 120 as fees, or 0.00000315% and the fees paid were much higher than they had to be, probably for security reasons. No fiat payment method in the world offers low fees comparable to Bitcoin. Fees for sending USD 380 million via banks could easily cost more than USD 1 million.

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Image Courtesy: Pixabay

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