Yesterday, the whale mobilized a total of 123,447 BTC in a single transaction between two unknown Bitcoin addresses.
Community members and BTC market analysts were surprised yesterday, as a crypto whale – unknown person or entity with a large amount of money in digital currencies – made a transfer between BTC addresses in which a significant amount of capital was involved.
According to information published by several accounts that track transactions in the Bitcoin network, a person or entity transferred about 123,447 BTC (with an estimated value of more than USD $1,100 million at the time of the operation) to an unknown address, paying just a commission of 0.00005578 BTC equivalent to about 48 cents.
In this regard, the Blockchain analysis company, Token Analyst, reported that the addresses involved in the operation could be owned by the Bitfinex exchange. However, the executives of the platform to date have not confirmed their participation in said transaction.
Whales, Bitcoin and crypto transfers at low cost
This case has several similarities with the operations carried out by the Bittrex exchange at the end of 2019, since it carried out a total of 21 transactions in less than an hour, in which it mobilized a total of USD $9,000 million in BTC funds. The reason for these transfers was not very clear but the mobilization of such amount of capital made its effects felt on the digital currency market.
Generally when these types of operations take place between very popular exchanges, it usually gives way to significant fluctuations in the price of Bitcoin or the digital currency involved, since many traders usually associate these movements with increases or falls in the liquidity existing in the markets .
To avoid this type of manipulation, some digital currency trading platforms enabled spaces called “Over-the-counter” (OTC), where large-scale merchants can perform these bulky operations without altering the traditional market indices.
Cryptocurrencies: The cheapest way to transfer money
The striking thing about this case, beyond the wealth seen among some users and merchants of the ecosystem, has to do with how easy it is to transfer large amounts of capital with cryptocurrencies, without having to deal with bureaucratic procedures, tax agencies or high margins of taxes, since the latter can be processed perfectly by paying only a commission equivalent to cents.
These aspects are what usually raise many concerns among legislators and regulators, who say that there is no possibility of avoiding certain crimes associated with money laundering if those who carry them out handle large amounts of capital through cryptocurrencies such as Bitcoin.