One crypto whale is transferring Bitcoin tokens worth millions of dollars in the middle of the worst crypto winters in history.
Based on reports by crypto whale analyst Whale Alert, a major Bitcoin holder transferred around 12,970 tokens. When they were transferred from one crypto wallet to another, the tokens were worth over $248 million.
Based on data from Blockchain.com, a decentralized networks analyst, the transfer of tokens cost around $22. As of now, Bitcoin price has leveled off at $18,747.
Recipient of Transfer Holds 0.068 Percent of Total Bitcoin Supply
According to information from BitInfoCharts, a blockchain data collection platform, the receiving wallet of the major Bitcoin transfer holds 0.068 percent of the total token supply. This would make the address the 66th-richest Bitcoin wallet.
The huge transfer occurred after Glassnode, a blockchain data source, indicated that BTC withdrawals by crypto whales have increased over the last few weeks.
Based on Glassnode’s data, the highest-grossing whale withdrawal from crypto exchanges occurred in October. This would make the current transfer the biggest one since June.
Levels of Bitcoin Held on Crypto Exchanges are Dropping
The large Bitcoin transfer comes after Santiment, the major crypto analytics firm, explained that the amount of Bitcoin on crypto exchanges was at a 2-year low. This is due to the extensive outflow of Bitcoin from crypto exchanges.
On the other hand, the Ethereum supply had grown higher. They stated that more Bitcoin tokens are being transferred away from exchanges this month. The last time levels were this high was in November 2018.
The Ether supply is growing after a huge influx of tokens transferred to exchanges before the merge.
Crypto Prices Dropping Since Bitcoin Hits $18,200
Ever since the consumer price index report was released on Thursday, it is causing crypto prices to drop left, right, and center. After the report signaled a higher inflation rate than expected, prices of stocks also took a nosedive.
Fortunately, both crypto and stock prices were able to regain their losses during intraday trading. Sure, this short-term reaction to key inflation data may instill confidence among traders, but the overall economic outlook seems bleak.
To make matters worse, the high correlation between equities and the cryptocurrency market could mean bad news for Bitcoin prices. This is especially the case if growing interest rates make the headlines.
Many economic events set to take place during October could put pressure on the crypto process. For instance, the earnings season for the third quarter will begin on October 17.
Additionally, the continuing escalation of the conflict between Russia and Ukraine is having a devastating effect on the market. This comes after the west imposed various sanctions on crypto activity in Russia.