A total of 18,900 Bitcoin was transferred on Sunday evening for a fee of just $2.73, reinforcing the benefits of large-scale capital transfers across the world using cryptocurrency.
The transaction, which equated to $244 million at the time it was sent, triggered a notification from the Whale Alert bot.
Both the recipient and the sender were unknown entities, which may come as a surprise as transfers of this volume are typically conducted by exchanges.
The transfer came just before Bitcoin’s highest weekly close since January 2018, with the world’s largest cryptocurrency currently trading at $13,167.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 18,901 #BTC (244,385,564 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) October 25, 2020
This followed a notable quarter in terms of institutional investment and mainstream adoption, with the likes of MicroStrategy and Square making their respective $475 million and $50 million investments public.
The bullish narrative around Bitcoin was reiterated last week when payments giant PayPal revealed that it would begin to facilitate cryptocurrency buys and sells imminently.
This, coupled with the fact that it costs less than three Dollars to transfer $244 million of value, makes Bitcoin a difficult asset to ignore at the moment, especially in light of a lack of volatility coming from traditional markets.
eToro analyst Simon Peters predicts that Bitcoin may well test its all-time high of $20,000 before it has a chance to touch the $12,000 level of support again.
For more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.