Almost Billion US Dollars in BTC Moved from Exchanges As Price Plunged 5.4%

According to a recent report by crypto analyst and trader Ali Martinez, earlier this week, a mind-blowing amount of Bitcoin was withdrawn from cryptocurrency exchanges to cold wallets.

This coincided with the price of the world’s largest crypto plummeting by almost 5.5%,

Whales withdraw billion of USD in BTC

Martinez shared published a chart provided by the CryptoQuant on-chain data aggregator, which shows that over the past 48 hours, cryptocurrency whales moved more than 14,140 BTC from crypto trading venues. That constitutes almost one billion US dollars in the fiat equivalent.

Over 14,140 $BTC worth around $954.50 million have been withdrawn from #crypto exchange wallets in the last 48 hours! pic.twitter.com/MPPfpVTLFO

— Ali (@ali_charts) June 12, 2024

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 evaluated at more than $535 million at the time of the transfer.

Prior to that transaction, the whale remained inactive for approximately five and a half years.

Bitcoin suddenly reclaims $70,000

Since Tuesday, Bitcoin has soared back by 5.77%, printing a major surge to the $70,000 level. However, this price mark was reclaimed today after BTC printed a massive green candle on an hourly chart.

Today’s growth was 3.29% overall as the inflation data for May (CPI) was released. The consumer price index proved to be lower than expected by analysts – 3.3% versus 3.4%. This pushed Bitcoin up, helping it recover an important psychological price mark.

By now, however, BTC has seen a minor pullback and is changing hands in the $69,700 zone.

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