Bitcoin Whale Moves $506M BTC For Just $0.79 In Fees

A large Bitcoin BTC/USD holder moved $506 million worth of BTC for just $0.76 in transaction fees.

What Happened: According to an update from WhaleAlert on Saturday, a whale made a sizeable transfer of 10,836 BTC, which amounted to $506 million at the time.

Details of the transaction revealed that the cost of transferring the gargantuan sum of Bitcoin only amounted to 0.00001704 BTC, or $0.76.

The wallet in question is only the 70^th largest BTC holder as per data from BitInfoCharts.

Based on the distribution of BTC across the addresses still holding the digital asset, 85 entities hold between 10,000 and 100,000 BTC. Meanwhile, only 3 wallet addresses hold over 100,000 BTC.

Companies like MicroStrategy Incorporated MSTR, Tesla Inc TSLA, and Galaxy Digital Holdings Ltd BRPHF fall into the category of holders with more than 10,000 BTC.

At the time of writing, MicroStrategy holds 121,044 BTC worth $5.9 billion. Tesla holds 48,000 BTC which is now worth $2.3 billion and Galaxy Digital holds 16,402 worth $803 million.

Price Action: On Tuesday, Bitcoin traded at $49,200, gaining 7.25% in the last 24 hours. The market leading digital asset had a daily trading volume of $30 billion and accounted for 40.87% of the crypto market.

Related Link: Is Bitcoin Dead and Ethereum Outdated? Here's What Cathie Wood's Ark Invest Says

Photo by Dmitry Demidko on Unsplash