A Bitcoin (BTC) whale sent over 200,000 BTC to Coinbase between July 18 and July 21, according to a tweet from CryptoVinco on Sept. 5.
I’m 99% certain this is Michael Saylor’s Bitcoin address, and they’re planning to sell everything.
When he soon sells, expect a bloodbath to the likes we’ve never seen ever before. pic.twitter.com/vx643TPAyg
— CryptoVinco (@CryptoVinco) September 5, 2022
CryptoVinco said he is 99% sure that the wallet belongs to Michael Saylor, Executive Chairman of MicroStrategy and a renowned Bitcoin maximalist.
CryptoSlate could not confirm if the wallet belonged to Saylor or MicroStrategy.
Usually, Bitcoin transfers to exchanges represent a decision to sell the holdings.
The Crypto community doubts Michael Saylor’s connection to the wallet
Many within the crypto community are surprised by CryptoVinco’s conviction that the wallet belongs to Michael Saylor.
According to community members, the wallet in question holds more BTC than MicroStrategy, which is currently around 129,699 BTC, according to CoinGecko data.
On the other hand, Blockchain explorer data showed that the whale wallet had transacted 851 times, receiving 241,914 BTCs and spending all. The wallet has a balance of less than $200 as of press time.
Also, Michael Saylor has always maintained that his firm would continue to hodl its Bitcoin holdings regardless of its price performance –evidence of this was its purchase of additional 480 BTCs during the thick of the bear market.
Other Bitcoin whales on the move
A Bitcoin whale address created in 2013, which has been inactive since May 2021, recently moved 5,000 BTC to the Kraken exchange, according to OKLink data.
Transfers of this nature raise concerns about increased selling pressures. However, it could also mean the whale was moving assets to another address.
Meanwhile, CryptoQuant data showed that long-term holders are moving their BTC to derivatives exchanges. It means whales could use their assets to set up long positions or hedge spot positions using shorts.
Nevertheless, Santiment stated that the number of new wallets holding between 100 to 10,0000 BTCs increased by 103 in the last 30 days, as of Aug. 28.
🐳 As #Bitcoin has danced around $20,000 this weekend, a positive sign is the growth in the amount of key whale addresses. There’s a correlation between $BTC‘s price & the amount of addresses holding 100 to 10k $BTC, and they’re up 103 in the past 30 days. https://t.co/B7hjXi758z pic.twitter.com/0ozMBG7Oct
— Santiment (@santimentfeed) August 28, 2022
Bitcoin is currently trading for $19,895. The flagship digital asset has lost 2.87% of its value over the last seven days and 16.41% in 30 days.