One of the world’s largest bitcoin addresses has taken a huge step forward
One of the largest non-exchange transactions worth 46,000 BTC, or $1 billion, appeared on-chain, causing little controversy among cryptocurrency investors and traders as to the final destination of the funds and their belief remains unclear, as The whale has an initial desire.
The address was the seventh-largest address in the entire blockchain space, but it lost its position after redistributing 46,000 BTC in five transactions, 15,000 BTC per operation.
The massive sale was the largest redistribution of funds in Address’s history as it has been accumulating bitcoin continuously since April 2019 without selling such a large percentage of the portfolio.
The largest distribution occurred in January 2021, when addresses dropped by more than 7,000 BTC during a rising market. Later, Whale got back the money he had injected into the market.
As of now, Whale’s address holds the same amount of BTC as it did in January 2021 and will likely start depositing funds back. The main reason behind such sudden sell-off is not clear.
Fortunately, the market seems to avoid or ignore such a large sell, meaning that even if the whale realized his wealth, he would have gone through an OTC deal instead of a regular market sell order.
Anyway, given the successful recovery of bitcoin in the market, the reason behind such sudden selloff is not clear. But at the same time, Whale may have decided to liquidate a large portion of his portfolio for the relatively good price of $23,000 instead of $17,000.
The previous massive selloff from the wallet did not affect the cryptocurrency market.