On Tuesday, a Satoshi-era OG whale had started dumping its BTC holdings to crypto exchanges. In a new update today, the OG whale has transferred the remaining 40,192 BTC to a new wallet, according to on-chain platforms. Bitcoin OG whale will likely sell these BTC to crypto exchanges, similar to the 40,000 BTC selloff to Galaxy Digital earlier this week.
On-chain analytics platform Lookonchain reported on July 16 that the whale had transferred another 40,192 BTC worth $4.77 billion to a new wallet. At the time of publishing, the wallet address ‘bc1qs4’ still holds the remaining BTC.
The whale may continue selling its remaining Bitcoin holdings to exchanges, with the crypto market adjusting accordingly. Coinbase’s Head of Product, Conor Grogan, flagged that the dormant 80,000 BTC wallet waking up after 14 years could be an indication of a hack or compromised private keys.
Moreover, high-leverage trader James Wynn closed his BTC 40x long position, making a profit of $368,120. He opened a BTC 40x short position, with a liquidation price of $120,142.
Other whales also flipped from long positions to short positions. This move triggered a selloff in the crypto market, causing Bitcoin price to fall below $116,000 from an ATH of $123,100.
Bitcoin price pared earlier gains and slipped nearly 2%, with the price currently trading at $118,016. The 24-hour low and high are $117,284 and $120,065, respectively. Furthermore, the trading volume has decreased by 18% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Wall Street Expert Reveals Gemini IPO Date and Underwriters
