Cryptocurrency analysis company Arkham recently disclosed data revealing a notable event in the cryptocurrency world. A wallet that had long remained inactive suddenly moved a substantial amount of Bitcoin. The wallet had been dormant for over 5.5 years before transferring 8,000 Bitcoins, equivalent to around $535 million as per current valuations.

The transferred BTC assets were distributed among various cryptocurrency wallets, with four of them linked to Binance deposit addresses. Notably, 1,416 BTC was sent to Binance during this transaction. Surprisingly, the colossal transfer incurred a fee of approximately $108.

Today, the overall cryptocurrency market experienced an unexpected downturn. Bitcoin, the leading cryptocurrency globally, saw a decrease of about 4.57% in the past 24 hours. Consequently, the price of BTC dropped below $67,000 and stood at $66,588 at the moment.

Market analysts attribute this decline to the imminent release of crucial data on Consumer Price Index (CPI) and interest rate decisions from the United States tomorrow. The anticipation of these economic indicators likely contributed to the market volatility.

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[Continue Reading: Is This One of the Reasons for Today’s Big Decline in Bitcoin? Here’s the 535 Million Dollar Worth Transaction]