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The Xapo bitcoin wallet handled approximately 100,000 BTC this week – equivalent to about R $ 3.3 billion at the time of the transaction – paying just R $ 1.35.

The transaction, which took place on April 1, was captured by the Twitter account Whale Alert. THE Whale Alert scans the blockchains of major cryptocurrencies for major moves and publishes information about them on their Twitter page.

According to data from Blockchain.com, the transaction fee was 3935 satoshis, or 0.00003935 BTC.

The transfer did not require identity verification or trusted intermediaries, just like any bitcoin transaction and, of course, only cost a few cents.

On the other hand, Tranferwise customers – a popular method of shipping remittances – must pay about $ 3,600 in fees to send $ 1 million (the maximum transferable amount). In addition, it would take approximately three days for the transaction to arrive.

As with any large transfer, the concern is that the recipient will pour all Bitcoin into the market, causing the price of the cryptocurrency to drop.

The fears were dispelled when Whale Alert revealed that the transaction was simply an internal transfer from the Xapo custody service.

It is often a worrying signal when someone sends a huge amount of cryptocurrency to an exchange. But data from market intelligence firm Glassnode suggests that the flow of Bitcoin from exchanges appears to be increasing.

Glassnode has seen an increase in Bitcoin withdrawals since Bitcoin's price plummeted in the middle of last month. In fact, the amount of BTC entering has reached its lowest level in eight months, the report said.

* Translated and republished with authorization from Decrypt Media

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