A staggering quantity of Bitcoin was taken out of cryptocurrency exchanges and placed in cold wallets earlier this week, according to a new revelation by trader and analyst Ali Martinez.
At the same time, the biggest cryptocurrency in the world saw its price fall by over 5.5%.
Whales withdraw billion of USD in BTC
https://x.com/ali_charts/status/1800815785369354354
Martinez presented a figure that was made public by the CryptoQuant on-chain data aggregator, demonstrating how bitcoin whales transferred over 14,140 BTC from cryptocurrency trading platforms in the previous 48 hours. That is the equivalent in fiat currency of about one billion US dollars.
While many people have been taking their Bitcoins off of exchanges, 8,000 Bitcoins were moved to Binance, the biggest cryptocurrency exchange, by a significant inactive wallet that was reopened on Tuesday. At the time of the transfer, the value of that Bitcoin was estimated to be more than $535 million.
The whale was dormant for almost five and a half years before that purchase.
Bitcoin suddenly reclaims $70,000
Bitcoin has recovered 5.77 percent since Tuesday, generating a significant spike near the $70,000 mark. But today, when BTC produced a huge green candle on an hourly chart, this price point was recovered.
Following the announcement of the May CPI inflation figures, today’s gain was 3.29%. Analyst expectations were exceeded by the consumer price index, which came in at 3.3% as opposed to 3.4%. As a result, Bitcoin increased and managed to regain a significant psychological price threshold.
But as of right moment, Bitcoin has experienced a little decline and is trading at $69,700.
