Third-largest Bitcoin whale has finally emptied its BTC holdings after demonstrating a long-term accumulation trend.
As per BitInfoCharts, the whale bought a total of more than 207k BTC since 2019 before transferring all of it.
The move coincided with Bitcoin posting gains for three straight days before topping $24,000, the highest level since mid-June.
Over the past three days, the address transferred total funds worth 132,881.88 BTC to Coinbase.
It transferred the remaining 29,235.28 BTC to the crypto exchange today.
CryptoQuant’s Ki Young Ju speculated that this might just be an internal transfer to a cold wallet or custodian wallet, highly likely owned by Gemini.
The exec also dismissed the rumor about potential dumping by the entity and said that it couldn’t be a user deposit to a crypto exchange’s hot wallets for selling Bitcoin.
Earlier this month, the whale address purchased 1,416 BTCs and added another 601 BTC as the market downturn deepened, triggering Bitcoin’s fall below $20k.
CryptoPotato has been tracking the address for quite some time and observed strategic buying during dips.
These activities are not typically depicted by an exchange’s cold wallet.