One of biggest Bitcoin addresses in world makes enormous move
One of the largest exchange-free transactions worth 46,000 BTC, or $1 billion, has appeared on the channel, causing mild controversy among cryptocurrency investors and traders as the final destination of the funds and their faith remain unclear, as does the whale’s original desire.
The address was the seventh biggest address in the whole blockchain space, but it has lost its position after redistributing 46,000 BTC in five transactions, 15,000 BTC per operation.
The selloff was the biggest fundraiser in the address’s history as it has been steadily accumulating Bitcoin since April 2019 without selling such a large percentage of the wallet.
The biggest distribution took place back in January 2021, when the address dropped more than 7,000 BTC during the growing market. Later on, the whale gained back the funds that he or she injected into the market.
As of now, the whale address holds the same amount of BTC as in January 2021 and will most likely start accumulating the funds. The main reason for such a sudden sale is unclear.
Luckily, the market seems to avoid or ignore such a large sale, meaning that if a whale even realized his/her funds, it went through an OTC deal rather than a regular market sell order.
Regardless, the reason for such a sudden selloff remains unclear, given Bitcoin’s successful rally in the market. But at the same time, the whale could have simply decided to liquidate a large portion of its portfolio for the relatively good price of $23,000 rather than $17,000.
The last massive sale made from the wallet did not affect the cryptocurrency market.
