The blockchain analytics company Lookonchain recorded a new transfer from a "Bitcoin whale" that has been quietly selling off coins for several weeks. The wallet transferred another 1,019 $BTC, worth approximately $66.4 million at the time, just seven hours before the warning appeared. This single transaction increased the wallet's total sales over three weeks to 7,513 $BTC, or roughly $486.9 million.
Bitcoin's price remained relatively stable amid the sales, suggesting that over-the-counter buyers or exchange order books were able to absorb this volume without a sharp price drop.
This unidentified wallet is not the only large Bitcoin holder reducing its positions this month: Strategy, the company managing Bitcoin reserves under the leadership of Michael Saylor, is also executing its own Bitcoin monetization program. Approved in June, it allows the company to sell Bitcoins to fund preferred stock dividends and other obligations.
The latest confirmed Strategy sale of 1,638 $BTC for approximately $104.7 million was executed at an average price of $63,957 between July 27 and August 2. In any case, all the aforementioned sales fit into the same overall picture captured by Bitcoin.com News when Saylor's cryptic "Doing Business" post reignited speculation about the company's Bitcoin balance.
The company's monetization program, limited to authorized Bitcoin sales of up to $5 billion, still leaves significant room for further sales until the end of 2026, and Strategy's average acquisition cost of $75,419 per coin means each sale below that level locks in a paper loss, even as the company positions these actions as routine treasury management rather than a shift in its convictions.
What This Sale Means for the Market Overall
Timing matters, as Bitcoin's ownership structure is changing in a way that makes whale behavior more significant than usual. For example, this year has seen a sharp divergence between whales and mid-tier holders: large wallets are accumulating coins even as small holders capitulate, so any shift in whale positioning is worth closely tracking.
At the same time, the supply volume held by long-term holders (i.e., coins that haven't moved for years) recently reached a new all-time high, meaning the coins moving now are likely newer, more price-sensitive assets, rather than deeply dormant ones.
So far, the broader market has shrugged off the latest wave of selling, as Bitcoin traded in a relatively narrow range until early August, and neither the disclosed Strategy sales nor the three-week sell-off by the anonymous "whale" triggered the cascade of liquidations that similarly sized moves have caused in past cycles.
This resilience may reflect deeper liquidity due to inflows into spot market ETFs and the entry of institutional buyers absorbing supply, or it may simply mean the market has not yet priced in the full scale of the volume being sold.
