A whale is transferring Bitcoin (BTC) worth tens of millions of dollars amid a downturn in the choppy crypto markets.
According to whale watcher Whale Alert, the large Bitcoin holder transferred 12,970 BTC worth slightly over $248 million at time of sending from an unknown wallet to another unknown wallet.
Data from decentralized networks explorer Blockchain.com shows that the transaction cost approximately $22. Bitcoin is trading at $18,747 at time of writing.
According to blockchain data aggregation platform BitInfoCharts, the recipient address of the massive crypto transfer is now the 66th-richest Bitcoin address and holds about 0.068% of the total BTC supply.
The massive BTC transfer comes after blockchain data platform Glassnode recently revealed that Bitcoin withdrawals from crypto exchanges by whales have shot up over the past few weeks. According to Glassnode, the largest net whale withdrawal since June from crypto exchanges was recorded this month.
The massive Bitcoin transfer also coincides with crypto analytics firm Santiment revealing that the level of Bitcoin currently held on crypto exchanges had reached 48-month lows amid the outflow of the flagship digital asset from exchanges. The supply of Ethereum (ETH) on exchanges had in contrast inched higher, according to the crypto analytics platform.
“Bitcoin is seeing more and more coins moving away from exchanges in the month of October, matching levels last seen in November 2018.
Meanwhile, Ethereum’s supply has fluctuated a bit higher after a big influx moved to exchanges before the merge.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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