Crypto Whales are transferring their Bitcoin funds over the blockchain network. Recently, someone withdrew 414 million USD (47,450 BTC) from Bittrex with a small fee of 0.68 USD.
According to Whale Alert, a crypto news outlet that follows digital asset whales, 47,450 BTC has been sent through a transaction from the crypto asset trading platform, Bittrex. The address where the large number of Bitcoins was sent transferred the funds to another account almost immediately. What was most interesting is that the fee of the large transaction was only under 0.7 USD, which has become very normal for Bitcoin transactions on the blockchain as the fees keep decreasing.
There is also a high chance that the implemented soft fork named SegWit is also working towards reduced fees. According to a report by an industry news outlet, BelnCrypto, the adoption of SegWit on the Bitcoin network has reached a new all-time high at the beginning of the new decade. Currently, more than half of Bitcoin transactions on the network take place by the use of this implemented soft fork. SegWit encouraged the reduction of Bitcoin transaction fees. In fact, the decrease took place so noticeably that the average fees for BTC transfers fell down to 0.50 USD, compared to the 20 USD by the end of 2017. Based on transaction statistics, the transactions became cheaper for the average user as the demand for the first digital asset stayed on the same levels. A number of crypto critics have even said that the cheap transactions encourages the growth of mining and the network.
The crypto market very recently has been slightly bearish after the great start of the year. Bitcoin is, at the time of writing, trading at 8,825 USD with a resistance level at 9,500 USD and support level at 8,350 USD. Despite the downtrend, the Bitcoin price still has a long way to go as the halving approaches.