According to CryptoQuant’s analysts, 16,021 BTC ($1 billion) were withdrawn from Coinbase in the early hours of May 15. The withdrawal came just a few hours before the US Consumer Price Index (CPI) numbers came out, which were exactly as anticipated at 3.4%.

BTC’s price reacted with an immediate rally after the announcement of the April inflation rate and jumped to a multi-day peak of just over $66,600.