One of the biggest nonexchange transactions worth 46,000 BTC, or $1 billion, appeared on the chain, causing a slight controversy among cryptocurrency investors and traders as the end destination of funds and their faith remains unclear, as does the initial desire of the whale.
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 massive sale was the biggest funds redistribution in the address's history as it has been constantly accumulating Bitcoin since April 2019 without selling such a large percentage of the portfolio.
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 it did back in January 2021 and will most likely start accumulating the funds back. The main reason behind such a sudden sell-off 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.
Anyway, the reason behind such a sudden sale remains unclear, considering Bitcoin's successful recovery on the market. But at the same time, the whale could have simply decided to liquidate a large part of his/her 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.
Alex Dovbnya
Denys Serhiichuk
Gamza Khanzadaev