A crypto trader and analyst under the pseudonym Krisma discovered a large transfer of 146,500 bitcoins yesterday, which was worth more than $ 1 billion as of press time. In response, Bitfinex CTO Paolo Ardoino explained that this is Bitfinex transferring funds between hot and cold wallets. The exchange transferred 15,000 bitcoins to its hot wallet, and the remaining bitcoins were sent back to Bitfinex's original cold wallet. The total cost of this over $ 1 billion transaction is only 69 cents. Ardoino said he is considering publishing all large transfers in the future to avoid unnecessary panic and speculation.