Recent major changes in the cryptocurrency world have caught the attention of both traders and experts. Ali Martinez, a crypto analyst and trader, says that a lot of movement in the Bitcoin market has caused waves in the world of digital currencies.
Martinez’s story uncovers a shocking fact earlier this week, an unbelievable quantity of Bitcoin was taken out of cryptocurrency exchanges and put into “cold wallets.” At the same time as this move, the price of Bitcoin, the largest cryptocurrency in the world, dropped sharply, by 5.5%.
Bitcoin’s Whales Move Billions
Martinez shared an in-depth chart from the CryptoQuant on-chain data aggregator that shows how significant this trend is. Whales in the cryptocurrency market moved more than 14,140 BTC from different trading sites in just 48 hours. This amount is more than one billion US dollars in real currency.
In the middle of all this action, the attention is also on a wallet that had been dormant for a long time but came back to life on Tuesday. This unknown person or thing made significant by sending 8,000 Bitcoins to Binance, which is the most valuable cryptocurrency exchange. This immense quantity was worth more than $535 million at the time it was transferred.
The wallet had not been used for a long time—about five and a half years—before it was used again. This transaction is unique because of this. The quick rise in popularity of these wallets adds an interesting new layer to the story of how Bitcoin’s market works.
Even though it went down at first, Bitcoin has made a great comeback in the last few days. The price of the cryptocurrency has gone up by 5.77% since Tuesday, sending it over the $70,000 mark. Another major increase happened today, thanks to the release of May’s inflation figures, which showed that it was 3.3% instead of 3.4%, which was slightly lower than what analysts had expected.
This good report on inflation sped up Bitcoin’s rise, recovering important psychological price levels. But since then, the price of the cryptocurrency has gone down a little and is now holding around $69,700.
