A notable development unfolded in the crypto market as an anonymous Bitcoin whale executed a series of massive transactions. The whale deposited 800 BTC, equivalent to $54.6 million, into Binance shortly after the release of March's CPI inflation data. This move, occurring just five minutes after the data release, turned the heads of market participants.
Adding to the intrigue, the same whale had deposited an identical sum of 800 BTC, valued at $57.16 million, to Binance the day prior. These transactions coincided with a notable downturn in the price of Bitcoin, which experienced a decline of approximately 4% following the whale's actions, as reported by Lookonchain.
Still holding
However, what drew particular attention was the revelation that despite the recent deposits, the whale still holds a substantial 13,665 BTC, equivalent to $928.6 million. These recent transactions represent only a fraction — approximately 10.48% — of the whale's total Bitcoin holdings, which offers a different angle on this whale's sentiment regarding market conjuncture.
Further examination of on-chain data reveals that this whale emerged onto the scene just 11 months ago, acquiring its initial Bitcoin holdings from various undisclosed addresses. The origins and intentions of this entity remain shrouded in mystery, adding to the intrigue surrounding its actions.
Meanwhile, the timing of the deposits in relation to the release of CPI data once again highlights the correlation between traditional financial markets and the cryptocurrency sector.
The revelation of a higher-than-expected U.S. consumer inflation rate triggered a downturn in traditional markets, including futures on the Nasdaq, S&P 500, Dow and Russell 2000. While cryptocurrencies were not immune to the market reaction, Bitcoin experienced a comparatively modest 2% decline immediately following the publication of the CPI data.