Bitcoin Whale Abruptly Moves Over $245,000,000 in BTC – Here’s Where Crypto Goes

A whale is transferring tens of millions of dollars worth of Bitcoin (BTC) amid a downturn in choppy crypto markets.

According to the whale watcher Whale Alert, the great holder of Bitcoin transferred 12,970 BTC worth just over $248 million at the time of sending from one unknown wallet to another unknown wallet.

Data from decentralized network explorer Blockchain.com shows that the transaction cost approximately $22. Bitcoin is trading at $18,747 at the time of writing.

According to blockchain data aggregation platform BitInfoCharts, the recipient address of the bulk crypto transfer is now the 66th richest Bitcoin address and holds around 0.068% of the total BTC supply.

Source: BitInfoCharts

The massive transfer of BTC comes after blockchain data platform Glassnode recently revealed that Bitcoin withdrawals from cryptocurrency exchanges by whales have spiked in recent weeks. According to Glassnode, this month saw the largest net withdrawal of whales since June from crypto exchanges.

The massive transfer of Bitcoin also coincides with crypto analytics firm Santiment revealing that the level of Bitcoin currently held on crypto exchanges had reached 48-month lows amid exit of flagship digital asset from exchanges. The supply of Ethereum (ETH) on exchanges had instead increased, according to the crypto analytics platform.

“Bitcoin is seeing more and more coins pull away from exchanges in the month of October, matching levels last seen in November 2018.

Meanwhile, the Ethereum supply has fluctuated a bit more after a huge influx moved into exchanges before the merger.”

Source: santimentfeed/Twitter

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