U.Today – According to a modern report from cryptocurrency analyst and trader Ali Martinez, a staggering amount of money was withdrawn from cryptocurrency exchanges to cool wallets earlier this week.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 posted a chart provided by on-chain data aggregator CryptoQuant that shows that cryptocurrency whales have moved over 14,140 BTC from cryptocurrency trading platforms in the last 48 hours. This represents almost a billion US dollars in fiat terms.
While many people are withdrawing BTC from exchanges, a major dormant wallet that was reactivated on Tuesday moved 8,000 Bitcoins to the largest cryptocurrency exchange – Binance. At the time of the transfer, this amount of BTC was estimated to be over $535 million.
Prior to this transaction, the whale had been inactive for approximately five and a half years.
Bitcoin suddenly recovers $70,000
Since Tuesday, the price of Bitcoin has increased by 5.77%, registering a significant enhance to the level of $70,000. However, this price level was regained today after BTC printed a huge green candle on the hourly chart.
Following the release of inflation data for May (CPI), today’s overall enhance was 3.29%. The consumer price index turned out to be lower than analysts’ expectations – 3.3% compared to 3.4%. This pushed Bitcoin higher, helping it regain an vital psychological price level.
However, BTC has seen a slight pullback so far and is changing hands in the $69,700 zone.
