A recent report from crypto analyst and trader Ali Martinez revealed a substantial withdrawal of Bitcoin from cryptocurrency exchanges to cold wallets, coinciding with a notable decline in the value of the world's largest cryptocurrency. Data from the CryptoQuant on-chain aggregator showed that cryptocurrency whales moved over 14,140 BTC from trading platforms in the past 48 hours, totaling almost one billion US dollars in fiat currency. While investors were withdrawing BTC from exchanges, an inactive wallet that had been dormant for years suddenly transferred 8,000 Bitcoins to the major exchange Binance, valued at over $535 million during the transfer. Following these movements, Bitcoin experienced a surge of 5.77% since Tuesday, briefly crossing the $70,000 mark, and consolidating with a significant green candle on the hourly chart. This upward momentum was fueled by positive news on inflation data for May, with the consumer price index coming in lower than expected at 3.3% compared to the anticipated 3.4%. The market response to this data propelled Bitcoin higher, enabling it to surpass a crucial psychological price level. However, BTC has since seen a slight retracement and is currently trading around $69,700.