The Bitcoin whale behind the recent 80,000 Bitcoin transfers sent about $2.4 billion in Bitcoin to a new wallet on Monday, according to on-chain data tracked by Lookonchain.
Although no Bitcoin has been sent to exchanges yet, the large transfer has reignited fears of looming selling pressure. With Bitcoin currently trading above $119,000, there’s speculation that the entity may be preparing to realize profits from long-held assets.
Still, there’s a possibility that the investor may be restructuring his storage setup.
As previously reported by Crypto Briefing, the Bitcoin whale resurfaced on July 4 after 14 years of inactivity and transferred 80,000 BTC across multiple transactions.
Bitcoin reached a new record high above $123,000 early today before retreating. The asset was trading at around $119,600 at the time of publication, per TradingView.