Bitcoin Whale Transferred Over $248,000,000 in BTC in the midst of market crash

A whale just moved tens of millions of dollars’ worth of Bitcoin (BTC) in the midst of a decline in the unsteady cryptocurrency markets.

The Bitcoin whale sent 12,970 BTC, which were worth slightly more than $248 million at the time of sending, from one unidentified wallet to another unidentified wallet, according to whale watcher Whale Alert.

According to information from decentralized network explorer Blockchain.com, the transaction cost about $22. At the time of writing, the price of one bitcoin is $19,717.77.

The recipient address of the significant cryptocurrency transfer is currently the 66th-richest Bitcoin address and currently holds about 0.068% of the total Bitcoin supply, according to blockchain data aggregation platform BitInfoCharts.

Following the recent disclosure by blockchain data platform Glassnode that whales have been rapidly withdrawing large amounts of Bitcoin from cryptocurrency exchanges, a sizable amount of BTC was transferred.

Glassnode reports that this month saw the largest net whale withdrawal from cryptocurrency exchanges since June.