Mysterious Satoshi-Era Wallet With 80K Bitcoin Has Started Dumping In The Market

• A recent movement from a Satoshi-era whale holding 80K Bitcoin ratted the crypto community.
• The ancient wallet recently sold around 18,000 BTC through OTC transactions and crypto exchanges.

The Satoshi Nakamoto era whale that recently moved 80,000 Bitcoin (BTC) in several cryptocurrency wallet addresses has started dumping some of its supply. OnChain School confirmed that the early Bitcoin investor has recently sold 16,000 BTC via over-the-counter (OTC) transactions. It also sent 2,000 BTC to exchanges like Bybit.

Source: OnChain School## A Possible Rehash of the Mt. Gox Flash Crash

OnChain School claimed that the sale seemed like a calculated move to suppress the price. The pseudonymous analyst also likened the move to the Mt.Gox event, which resulted in Bitcoin’s flash crash.

Additionally, OnChain School highlighted that the trend is always the same. During all-time high situations, several prominent players move to crash prices through orchestrated whale sales.

ADVERTISEMENTThe analyst emphasized that the seller’s behavior does not mean redistribution. Instead, it’s a preparation for something big.

Source: OnChain SchoolOnChain School said the person behind the affair was no longer a mystery, but it stopped short of revealing the figure it suspects could be manipulating the prices. Recently, crypto community members suggested that Roger Ver, an early BTC investor and CEO of Bitcoin.com, could be the owner of the ancient whale BTC wallets, but this has been inconclusive.

A Possible Distraction of Big Things to Come

Amid all these, Edo Farina, Head of Social Adoption at XRP Healthcare, warned that the Satoshi-era bags were just a distraction. He explained that there is more Bitcoin in the hands of centralized crypto exchanges, which are distributed in several wallets.

ADVERTISEMENTFarina found the information he based on onchain metrics very concerning because they could destabilize the market or significantly drive down sentiment in the short run once they start moving.

Bitcoin Performance

Fresh from its all-time high of $123,019.61 on Monday, Bitcoin price dipped all the way to $116,364.70 this Tuesday as the market braced itself from the heavy selling pressure. Despite all the FUD, BTC has started recovering above the $118,000 mark by noon as its 14-day Relative Strength Index (RSI) reading eased below the 70 overbought territory at 67.

Moreover, Bitcoin’s trading volume jumped by over 37% in the last 24 hours as more than $150 billion worth of its assets moved across wallet addresses. On the other hand, BTC’s market cap declined to $2.34 trillion.

What’s your Reaction? +1 0 +1 0 +1 0 +1 0 +1 0 +1 0 +1 0

ADVERTISEMENT