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Third-largest Bitcoin whale pulls back

From more than $7 billion down to zero: the former third-largest Bitcoin whale sparks a stir.

By Finst News
• 2 min read
Third-largest Bitcoin whale pulls back

From more than seven billion dollars down to zero: the former third-largest Bitcoin whale is causing a stir. 29,000 Bitcoin were transferred from the wallet to an exchange account. The value? About 666 million US dollars. In November 2021, when the Bitcoin price was $69,000, the wallet held more than seven billion dollars worth of Bitcoin.

In the past months, the wallet's Bitcoin holdings have steadily increased. When the whale reached 133,000 Bitcoins, the amount was sold off out of nowhere.

Ki Young Yu of CryptoQuant is speculating that this could be a big dump in the form of FUD. According to Yu, it was an internal transfer to a cold or custodial wallet at crypto exchange Gemini. "This is just an internal transfer to "1LQoW..." which could be a Cold Wallet or Custodian Wallet, most likely owned by Gemini," Yu says.

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