As Bitcoin (BTC) falls below $20,000 and crypto winter seems to be taking the stage again, one of Bitcoin’s biggest whales has moved all his holdings to exchanges. In an event where these large units of BTC are sold, the crypto market could experience another bloodbath.
According to a recent update, a whale action capable of intensifying the crypto market downtrend has been spotted. Over 200,000 units of Bitcoin (BTC) have been transferred from one of the largest holders of the number one crypto asset to exchanges.
“One of the biggest #Bitcoin whales with over 200K+ $BTC sent ALL of their coins to exchanges,” Crypto Vinco, who describes himself as a crypto whale, tweeted on Monday.
Could This Be Michael Saylor?
The assumption surrounding this recent and large volume of crypto movement mentions Michael Saylor’s MicroStrategy as the whale address in question.
While the MicroStrategy Founder and former CEO is yet to respond to these claims, the popular Bitcoin investor, and crypto proponent has often presented himself as a diamond hand.
Earlier this year, he confirmed that he is investing in crypto for the long term. In his words, “we’re in here for the long term. Bitcoin is going to outlast all of us. I’m quite sure of that.”
The Twitter user who reported the over 200k Bitcoin (BTC) movement remarked, “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.”
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
It is worth noting that MicroStrategy is among the early institutions to embrace and also invest in Bitcoin. The company has always added BTC to its balance sheet in huge volumes as they believe it is the future of finance. Also, Microstrategy is the largest known institutional Bitcoin (BTC) holder.
Bitcoin (BTC) Outlook
In recent months, BTC has not recorded a substantial rally as investors expect to see. More so, a decline has been seen in the market capitalization of the leader of cryptocurrencies as the bear season hangs over.
At the time of writing, BTC is trading for $19,769, according to Coinmarketcap data. Should more than 200,000 BTC be dumped, then more decline could be seen in the overall crypto market.