Recently, the movements of a whale selling thousands of Bitcoins gradually have made a significant impact on the crypto world. The whale, which reportedly sold 12,000 BTC yesterday, is said to still hold more than 152,000 Bitcoins worth $17 billion.
Bitcoin, which rose with Federal Reserve Chairman Jerome Powell's speech in Jackson Hole on Friday, saw selling pressure again before the weekend ended. On-chain analysts pointed out that the sales made by a giant whale were the reason for this.
Of the 24,000, 12,000 were sold yesterday
The sales made by a whale holding close to 200,000 Bitcoins have been seriously discussed in the crypto world. Between August 16-24, this whale sold a total of 24,000 BTC, with 12,000 of them sold yesterday. This situation has also caused Bitcoin to see a level of $110,600.
Experts are divided on this issue. Some claim that the sales trigger other large sales, while others argue that a single large sale would not cause such a significant wave of decline. It is worth remembering that in July, 80,000 BTC was sold through Galaxy Digital, but there was no significant drop in Bitcoin price.
Holds more than 150,000 BTC
It is reported that the whale selling still holds more than 150,000 BTC. This 152,874 BTC, valued at approximately $17 billion, is creating significant fear in the market.
Claim of the Chinese state...
It is unknown who owns the wallet, but it appears that some of the sold Bitcoins have not moved for more than 5 years. Some on-chain tracking experts associate these coins with BTC deposited on the Huobi exchange 6 years ago. There are also claims that Justin Sun, one of the managers of the exchange now known as HTX, is involved in the sales...
Such heavy BTC sales also keep the claim of the Chinese state alive. As is known, the U.S. and China are two major states holding nearly 200,000 Bitcoins. The transparency of the U.S. and the much more closed-door operations of China highlight the possibility of the Chinese state making sales. However, there is still no clear indication on this matter.
Stay tuned for the latest developments.
