An unknown wallet several hours ago sold 2,700 $BTC in a single transaction for approximately $211.8 million at current prices, bringing this participant's total sales volume over three days to 7,700 $BTC worth about $576.6 million. This selling spree is occurring as Bitcoin trades near the $80,000 mark—a level the asset nearly reached overnight before pulling back to around $77,000.
Large holders often use sharp rallies to lock in profits, although on-chain data alone cannot confirm if this is precisely the case here. It can only show that coins have moved and, in many instances, where they ended up.
Nevertheless, the "whale's" sales have so far had little impact on Bitcoin's rally: over the past couple of days, the asset has surged by double digits, completing its strongest weekly gain since 2024. Prices rose to the $79,500 level during the week before retreating to current levels.
The rally was triggered by a statement from the U.S. Treasury Department that starting September 9th, it would at least double the volume of long-term bond buyback operations—from $2 billion to $4 billion per operation. This move led to a decline in long-term Treasury yields and pushed investors towards risk assets, including Bitcoin, as the yield on safer fixed-income instruments became less attractive in comparison.
Reversal After Weeks of Accumulation
The selling this week marks a shift from a trend observed just a few days earlier, when Bitcoin.com News reported that large holders had added roughly 43,000 $BTC worth about $2.75 billion over a 60-day period ending in mid-August (a buying wave that ended months of steady selling by "whales" and coincided with Bitcoin's decline towards the $60,000 level). This accumulation, concentrated among both "mega-whales" and mid-sized holders often called "dolphins," helped set the stage for the current rally.
Furthermore, it's worth mentioning that a separate large holder sold 7,513 $BTC worth approximately $486.9 million over a three-week period ending August 9th, serving as a reminder that selling by large holders continues in sporadic bursts, even as Bitcoin's overall trend has turned bullish.
Now, with Bitcoin hovering around $80,000 and the Treasury's expanded buyback program only taking effect on September 9th, traders are likely to focus on two specific catalysts for further developments, namely:
- Whether other large holders will follow this "whale's" lead and sell into price strength
- Whether renewed institutional demand from ETFs and other market participants will be sufficient to absorb this supply
- The outcome of this standoff is likely to determine Bitcoin's next move.
