A large Bitcoin holder has transferred 12,970 BTC worth over $248 million from an unknown wallet to another unknown wallet amid a downturn in the choppy crypto markets.
Blockchain.com data shows that the transaction cost about $22. Bitcoin is trading at $18,747 at the time of writing, according to BitInfoCharts.
The massive crypto transfer recipient address is now the 66th-richest Bitcoin address and holds about 0.068% of the total BTC supply.
A massive Bitcoin transfer comes after blockchain data platform Glassnode recently revealed that Bitcoin withdrawals by big investors had increased recently. According to Glassnode, this month recorded the largest net whale withdrawal since June from crypto exchanges.
The massive Bitcoin transfer also coincides with crypto analytics firm Santiment revealing that the current level of Bitcoin on crypto exchanges had reached 48-month lows amid the outflow of the flagship digital asset from exchanges.