Largest Bitcoin Wallet Moves $380 Million In Only 4 Days

The largest Bitcoin wallet, Bitfinex, a cold storage wallet which holds over $1 billion worth of bitcoins, has been reported to have $380 million (58,550) leave the wallet. This unprecedented transfer can be seen on the blockchain, and the rate of the transfer makes it quite the oddity. The wallet still retains the number one position as it still counts 170,500 in its account.

The reason behind the massive movement is left only to speculation. Some believe that this shuffling of coins is just a managerial move to provide liquidity or to prep for an undisclosed deal. Pessimist suspect that this is done in preparation of a dump, moving the funds from cold storage to a hot wallet. The otherside of the cryptocurrency community hope that this was done as a sign that there is to be a rally in the hurting market, and the user wants access in their personal wallet.

 

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.

A notable occurrence during the outflow was the fees paid on the transfer. While a traditional bank transfer of $380 million would cost nearly a million in just fees, with the transfer of these funds, the user spent $120.

With speculation running rampant, this news could go either way. With optimist hoping for the market to make a sharp turn and with pessimist prepping for a dump, there is no way to know who will be right.