In the past two days, crypt whales have moved an eye-popping $967 million worth of Bitcoin at tiny transaction fees, while Bitcoin hit $28,000 and went back below $27,000.
Crypto tracking bot Whale Alert has detected a cumulative seven gargantuan Bitcoin transfers made today and on Sunday, carrying $967,664,628 in BTC.
35,756 Bitcoins wired by whales just like that
According to Whale Alert, large cryptocurrency holders have sent a massive amount of Bitcoin between anonymous wallets in seven transfers.
In the past hour, 4,325 BTC (117,300,857 USD) were wired. The sender paid a mere $10 fee for this valuable transfer.
Image via Twitter
This fee cannot be compared to the amount that a bank linked to PayPal would charge, along with a great deal of paperwork that would follow such a massive transfer, a crypto expert pointed out in his tweet.
On Sunday, Dec. 27, another six transactions took place, each carrying approximately a similar amount of Bitcoin.
One of them, however, shifted 10,000 Bitcoins, which is $267,938,255 in fiat USD.
Image via Twitter
Bitcoin surpassed $28,000 on Sunday
On Dec. 27, the flagship cryptocurrency blasted through the $28,000 level, which was perhaps unexpected only a day earlier; on Saturday, BTC was changing hands in the $24,800 area and breached through the $25,000 mark later that day.
At press time, however, the king crypto has rolled back from the milestone level reached a day earlier.
Earlier today, Bitcoin was trading above $27,000, but it has now pulled back to the current $26,789 rate.
Here’s what’s driving Bitcoin up, Adam Back says
Meanwhile, retail users continue to enter Bitcoin via the Paypal giant. As reported by Pantera Capital CEO Dan Morehead last week, the Paypal platform has been sucking up more than 100 percent of the newly mined BTC.
Blockstream CEO Adam Back believes that it was retail users that pushed Bitcoin past three new all-time highs on Christmas Day: $24,700, $24,800 and ultimately $25,000 per BTC.