16,000 Bitcoin transferred to exchanges

According to on-chain analysis tool CryptoQuant, on August 16, 16,000 Bitcoin (BTC) were transferred to major exchanges.

According to analyst AbramChart, these Bitcoins are transferred by “whale” wallets that hold between 1,000 BTC and 10,000 BTC. At 07:00 UTC on August 17, Bitcoin suddenly plummeted by nearly $700 in just an hour. This comes after European nations, particularly the UK, reported the highest inflation rates in 40 years, 10.1%.