Bitcoin Under Pressure: Mystery Whale Sells $576M in BTC
An unknown Bitcoin whale takes advantage of BTC’s return to $80,000 to lighten its positions. In three days, this address reportedly sold 7,700 BTC for about $576.6 million. The last operation alone involved 2,700 bitcoins, nearly $212 million. However, the market keeps rising.
In brief
- A whale reportedly sold 7,700 BTC between August 19 and 22.
- The transactions represent about $576.6 million.
- Bitcoin reached $79,500 before falling back to around $77,000.
Bitcoin: 7,700 BTC sold in three days
The last operation involved 2,700 BTC. The whale reportedly recovered about $211.8 million. This kind of movement echoes previous phases where Bitcoin whales sold whenever the price rose.
This was not its first sale of the week. Between August 19 and 22, the total reaches 7,700 BTC. About $576.6 million. The holder’s identity remains unknown. On-chain data allow tracking wallet movements but not why its owner is selling now. Profit-taking remains a possibility.
The timing naturally draws attention. Bitcoin has just had its best week since 2024. BTC gained over 20% and reached $79,500 before falling back to around $77,000. The whale is selling during the rise. For now, the market absorbs the bitcoins.
The whales had just started buying again
The move comes a few days after an important change among large wallets. In the 60 days prior to mid-August, whales had accumulated about 43,000 BTC. Estimated value: $2.75 billion.
This accumulation ended several months of regular sales. In early August, large wallets had already added more than 20,000 BTC since the end of July. Yet not everyone follows the same strategy. Another whale sold 7,513 BTC between mid-July and August 9. The transaction amounted to about $487 million.
Big holders are buying, then. Others cash out. The current rally mainly gives them more liquidity to move large amounts without immediately causing a sharp price drop. Bitcoin still holds. Institutional purchases and the return of risk appetite help absorb the additional supply.
The market now eyes $80,000
Bitcoin came close to this milestone without yet managing to establish itself there permanently. Whale movements matter a lot in this area. If several large wallets follow the mysterious address and start selling, more BTC will hit the market during the rally.
Buyers will have to absorb this supply. Bitcoin ETFs are among the actors capable of doing this. American funds can attract several hundred million dollars in a single session when institutional demand returns. The macro context also helps.
The US Treasury plans to double its long-term bond buybacks, from $2 to $4 billion per operation starting September 9. Bitcoin accelerated after this announcement. Whales now have a better price to sell.
Some still prefer to hold. In July, selling pressure from long-term Bitcoin holders had slowed sharply. This address chose otherwise. 7,700 BTC left in three days. Bitcoin hasn’t really flinched so far.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.