According to data from crypto tracking platform Arkham, a massive $500 million crypto whale appears to have started selling Bitcoin in recent transactions.
According to Onchain data, this crypto whale had not touched his BTCs since 2020 and in the last week transferred $35.5 million worth of Bitcoin to some crypto wallets that were likely market makers or trading companies. The corporate structures of these crypto wallets were determined by Arkham by evaluating their previous movements.
The giant whale with the short address 3A9qN collected these Bitcoins for an average of $ 39,100 between 2020 and 2024. There were 12,400 BTC in the wallet.
Interestingly, the whale wallet did not start selling these Bitcoins when the BTC price peaked. Its holdings peaked at $886 million on May 21, 2024. The crypto whale has sold a total of $253 million worth of BTC to date, with sales made at an average of $63,970.
At the time of writing, BTC is trading at $66,964.
*This is not investment advice.
