Bitcoin Whale Watching:$230 Million (60,000 BTC) Emptied out of Fourth Biggest Wallet Worth $440 Million
The once fourth largest cryptocurrency wallet that accumulated up to 113,000 BTC since 2014, seems to have sold all his funds a few days ago.
In this way, the wallet has been emptied after a long period of accumulation.
Cryptocurrency Whale Sells All Its Bitcoin
One of the largest Bitcoin wallets in the market – that held $440 million or even more – sold all the funds it had. According to Trust Nodes, this wallet has been purchasing BTC throughout 2017 and since 2014. Nevertheless, it decided to sell when the market skyrocketed in 2017.
The wallet experienced its first transaction on October 24th 2014 when the investor sent 0.01 BTC to the wallet and withdrew the same amount from it. As the address and wallet work properly, the user started to feel safe about managing his own BTC.
The wallet shows that the user had a sophisticated way of managing the wallet. The owner controlled the address with software. The withdrawals processed are exactly at the same time, but to different addresses.
The last funds (60,000 BTC) were withdrawn on February 28 in the European morning. Moreover, the wallet withdrew the funds in different transactions of different amounts, being 1,000 BTC the most common. It seems that this could just be an OTC sale.
Why the investor decided to sell all his funds is not clear. We do not know who this investor is and what he initially planned. The user could be preparing itself in case Bitcoin falls under $3,000 once again before starting to grow. He might also be starting to use different wallets to remain more anonymous than now.
It is also important to know that 60,000 BTC have already been sold and that in the future, if the investor wants to have them back, he would have to purchase them, increasing the buying pressure in the market.
Trading volume has been growing and there are some experts that believe that the space never had four weeks with as much buying pressure as now.