Massive Bitcoin Selloff Surfaces Amid Bearish Market Conditions

Massive Bitcoin Selloff Surfaces Amid Bearish Market Conditions
  • 5,000 Bitcoins (now worth $100 million) transferred to the crypto exchange Kraken.
  • One of the largest BTC whale addresses transferred all of its holdings to exchange.

Bitcoin (BTC), the most popular cryptocurrency, has been trading at a price below $20,000 for some time. At the time of writing, according to CMC, the BTC has a market value of $379 billion and is trading at $19,853. The newest news involves the first use of a Bitcoin whale address in nine years, which resulted in the transfer of 5,000 Bitcoins (now worth $100 million) to the crypto exchange Kraken.

Popular crypto analyst Colin Wu tweeted:

“The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred out 5000.01 BTC at 04:50:38 (UTC+8) on September 5th to the Kraken, which is worth about $100m now. The wallet was created and bitcoins were transferred to this address in 2013.”

Whales in Action

On Monday, a renowned Crypto influencer (CryptoVinco) revealed a noteworthy transaction on the BTC blockchain. A transaction screenshot suggests that in July, one of the largest BTC whale addresses transferred its BTC holdings to exchanges.

Using the blockchain explorer, we can see that this wallet’s address (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) has been used 851 times to send and receive 241,914 BTC, at a total value of almost $4 billion at the current exchange rate.

When a holder wants to sell their coins, they often submit them to a trading platform. This pattern of behavior suggests that the interpretation of mass selloff is correct. However, the claim that this whale address is really Michael Saylor’s MicroStrategy’s BTC address is even more intriguing.

Some people have expressed disbelief at the claim, while others have found it to be plausible. However, others have drawn attention to the fact that the address had more BTC than MicroStrategy was reported to own. As a result of this, they have denied that the given address really belongs to the company. 

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