An unknown Bitcoin whale is taking advantage of BTC’s return to around $80,000 to reduce its positions. In three days, this address reportedly sold 7,700 BTC for approximately $576.6 million. The latest operation alone involves 2,700 bitcoins, or nearly 212 million. However, the market continues to rise.
In brief
- A whale reportedly sold 7,700 BTC between August 19 and 22.
- The transactions represent approximately $576.6 million.
- Bitcoin reached $79,500 before returning to around $77,000.
Bitcoin: 7,700 BTC sold in three days
The latest operation involves 2,700 BTC. The whale reportedly collected around $211.8 million. This type of movement is reminiscent of previous phases where Bitcoin whales sold as soon as the price rose.
It wasn’t his first sale of the week. Between August 19 and 22, the total reached 7,700 BTC. About $576.6 million. The identity of the holder remains unknown. On-chain data makes it possible to track the movements of the wallet, but not to know why its owner is selling now. Profit-taking remains a possibility.
The timing inevitably attracts attention. Bitcoin has just had its best week since 2024. BTC gained more than 20% and reached $79,500 before returning towards $77,000. The whale therefore sells during the rise. For now, the market is absorbing bitcoins.
The whales had just started buying again
The move comes days after a significant change among major portfolios. Over the 60 days before mid-August, whales had accumulated approximately 43,000 BTC. Estimated value: $2.75 billion.
This accumulation put an end to several months of regular sales. As of early August, large wallets had already added more than 20,000 BTC since the end of July. However, not everyone follows the same strategy. Another whale had sold 7,513 BTC between mid-July and August 9. The transaction was worth approximately $487 million.
Large holders therefore buy. Others cash in. Above all, the current rally gives them more liquidity to move large amounts without immediately causing a sudden drop in price. Bitcoin is still holding. Institutional buying and the return of risk appetite are helping to absorb the additional supply.
The market is now looking at $80,000
Bitcoin has approached this bar without yet managing to settle there sustainably. Whale movement matters a lot in this area. If several large wallets follow the mystery address and start selling, more BTC will hit the market during the rally.
Buyers will have to absorb this offer. Bitcoin ETFs are among the players capable of doing this. American funds can attract several hundred million dollars in a single session when institutional demand returns. The macro context helps too.
The US Treasury plans to double its long-term bond purchases from $2 billion 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 keep. In July, selling pressure from former Bitcoin holders had slowed significantly. This address chose something else. 7,700 BTC left in three days. Bitcoin hasn’t really flinched yet.
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