May 20, 2024 3:09 AM | 2 minute read
Huge fund transfer exceeding $1 billion Bitcoin (CRYPTO: BTC) was made possible by paying a fraction of the fees, garnering market attention and leading to debate over the nature of the transfer.
what happened: Famous Bitcoin influencers with social media posts about X Vivek highlighted a trade that showed the movement of 16,445.82 units of Bitcoin worth $1.1 billion at current market prices.
What's interesting is that the transfer was made after paying only about $7.30 in transaction fees.
The sheer scale of the transfer left on-chain observers in awe, with Vivek predicting it was a nation-state takeover.
Another popular cryptocurrency analyst, marty partyreported that the withdrawal was made from the cryptocurrency exchange Binance and may be sent to a new buyer or kept in cold storage as a security measure.
Why it's important: Typically, such huge transfers are orders of magnitude more expensive to carry out using traditional financial systems.
According to a report by Coinbase, international cryptocurrency transfers were found to be 96% cheaper than traditional international transfer processes.
Apart from cost advantages, cryptocurrency transfers also have the potential to significantly reduce settlement times. While traditional money transfers can take him between 1 and 10 days for the recipient to receive the funds, the average wait time for cryptocurrency transfers was only 10 minutes.
Price action: At the time of writing, Bitcoin was trading at $67,180.06, up 0.02% over the past 24 hours, according to data from Benzinga Pro.
Read next: Peter Schiff said, “Bitcoin is dead, long live silver,'' but is that true?
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