Cryptocurrency

Crypto whale sends over 200K BTC to exchanges as concerns over selling pressure looms

Bitcoin (BTC) whales transferred over 200,000 BTC to Coinbase between July 18th and July 21st, according to a CryptoVinco tweet on September 5th.

CryptoVinco said they are 99% sure the wallet belongs to MicroStrategy executive chairman and renowned Bitcoin maximalist Michael Saylor.

CryptoSlate was unable to verify if the wallet belongs to Saylor or MicroStrategy.

Sending bitcoin to an exchange usually represents a decision to sell your holdings.

The Crypto Community Suspects Connections To Michael Thaler’s Wallet

Many in the cryptocurrency community are surprised at CryptoVinco’s belief that the wallet belongs to Michael Saylor.

According to community members, the wallet in question holds more BTC than MicroStrategy, which currently holds around 129,699 BTC, according to CoinGecko data.

On the other hand, blockchain explorer data Indicated The whale wallet made 851 transactions, received 241,914 BTC and spent them all. At the time of press, the wallet balance is less than $200.

Also, Michael Saylor has always insisted that his company will continue to hold the bitcoins it holds regardless of price performance. This is evident from the fact that he bought an additional 480 BTC during the bear market.

Other Bitcoin Whales on the Move

A Bitcoin whale address created in 2013 and unused since May 2021 recently moved 5,000 BTC to the Kraken exchange, according to OKLink. data.

A transfer of this nature raises concerns about increased selling pressure. However, it is also possible that the whale was moving assets to another address.

On the other hand, CryptoQuant data It showed that long-term holders are moving BTC to derivatives exchanges. This means that the whale can use the asset to set up his position long or hedge his spot position using short.

Nevertheless, Santiment said the number of new wallets holding between 100 and 10,0000 BTC has increased by 103 in the past 30 days as of August 28.

Bitcoin is currently trading at $19,895. Flagship digital assets lost 2.87% in value over the past 7 days and 16.41% over 30 days.

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