Whale Alert: 15K Bitcoin (BTC) Moved Post Recent Rally

• After an 8% increase in value over the last 24 hours, the Bitcoin price is now at $20,764.
• A whale withdrew 1,389 Bitcoin from FTX, valued at almost $29 million.

In the last 24 hours, the price of a Bitcoin (BTC) has risen to a high of $20,764. Increased whale accumulation, improved macroeconomic circumstances, and a fall in the U.S. dollar index all played roles in the Bitcoin price increase. After an 8% increase in value over the last 24 hours, the Bitcoin price is now at $20,764.

The BTC price has risen beyond $20,000, and the “whales” (large investors) have traded over 15,000 BTC in the last 24 hours, as reported by Whale Alert. In the last 24 hours, the platform has seen 8 “whale” transactions that moved approximately 10,000 BTC between the cryptocurrency exchanges FTX and Coinbase. A whale withdrew 1,389 Bitcoin from FTX, valued at almost $29 million, in the most recent transaction.

Multiple Factors in the Making

One such transaction included the transfer of roughly 5,444 BTC from one wallet address to another. In addition, the transaction details reveal an additional 969 BTC being sent to the wallet address.

For various reasons, “whales” withdrew huge amounts of bitcoin from cryptocurrency exchanges. Rishi Sunak, a supporter of cryptocurrencies, was elected prime minister of the United Kingdom, and parliament there agreed to treat Bitcoin and other cryptocurrencies as regulated financial instruments. Sunak has ambitions to transform the United Kingdom into a global center for the crypto industry.

The U.S. Dollar Index (DXY) also dropped by almost 0.70 percent on the previous day, to 110. Moreover, the next FOMC meeting is scheduled for November 2, and the CME FedWatch Tool predicts a 95.7% chance of a 75 bps rate rise. As a result, the favorable macro circumstances encouraged whales to stock up on Bitcoin while prices were low.

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