U.Today – According to a recent report by cryptocurrency analyst and trader Ali Martinez, a mind-boggling amount was withdrawn from cryptocurrency exchanges to cold wallets earlier this week.
This coincided with the price of the world's largest cryptocurrency falling by almost 5.5%.
Whales withdraw billions of dollars in BTC
Martinez shared a chart provided by on-chain data aggregator CryptoQuant, showing that in the last 48 hours, cryptocurrency whales moved more than 14,140 BTC from cryptocurrency trading venues. That constitutes almost one billion US dollars in fiat equivalent.
While many have been withdrawing BTC from exchanges, a major dormant wallet that was reactivated on Tuesday transferred 8,000 Bitcoins to the largest crypto exchange: Binance. That amount of BTC was valued at over $535 million at the time of the transfer.
Prior to that transaction, the whale remained dormant for approximately five and a half years.
Bitcoin suddenly recovers $70,000
Since Tuesday, Bitcoin has skyrocketed 5.77%, generating a significant rise to the $70,000 level. However, this price mark recovered today after BTC printed a huge green candle on an hourly chart.
Today's growth was 3.29% overall when May inflation (CPI) data was released. The consumer price index was lower than expected by analysts: 3.3% compared to 3.4%. This propelled Bitcoin higher, helping it regain an important psychological price mark.
However, at this point, BTC has seen a small pullback and is changing hands around the $69,700 zone.
This article was originally published on U.Today.
