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Bitcoin Whale Moves $248M BTC, What Does This Mean For BTC Price

14 Oct, 20222 min readBitcoin
Bitcoin Whale Moves $248M BTC, What Does This Mean For BTC Price

Yesterday, Bitcoin extended its losses below the $19,000 support area, but spiked after the release of the Consumer Price Index (CPI), leaving the market participants taken aback as this was opposite to what everyone was anticipating.

After the data was out, the bulls promptly regained control and pushed BTC above $19,000.

At the time of writing, Bitcoin is selling at $19,707 after a surge of 3.53% over the last 24hrs. Currently, Bitcoin is moving near the 76.4% Fib retracement level.

In addition, Bitcoin is also seeing a rise in whale activity as there is a movement of tens of millions of dollars amidst the crypto market volatility.

As per WhaleAlert, a whale tracker, there is a transfer of 12,970 Bitcoins worth nearly $248 million from a Bitcoin holder. This transfer was done from one unknown wallet to another.

12,970 #BTC (248,039,161 USD) transferred from unknown wallet to unknown wallet— Whale Alert (@whale_alert) October 12, 2022

The stats from Blockchain.com reveal that the transaction cost was approximately $22.

Huge Bitcoin Outflows

Furthermore, another blockchain analytic firm, BitInfoCharts, the receiver address of this huge transfer, is now the 66th richest Bitcoin address which has 0.068% of the total Bitcoin supply.

The above-mentioned transfer was witnessed after Glassnode, a blockchain data analyst, disclosed that the whale activity on crypto exchanges has spiked. Analytic firm, Santiment, claims that the Bitcoin holdings on crypto exchanges have currently dropped to 48-month lows after a huge outflow of BTC from exchanges.https://twitter.com/santimentfeed/status/1579909197562462209?s=20&t=4Ywa-e-s1I9PE4Mg38pUKg

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