Bitcoin whale with over 90,000 BTC pushes Bitcoin to Huobi Exchange — big selloff?

A Bitcoin whale has accumulated a staggering mass of more than 90,000 BTC since March of this year and has pushed some of it back to one of the world’s biggest exchanges in recent days, Huobi. The fortune of meanwhile more than 700 million dollars should belong to a big “Asian whale”.

The fact that most of the capital tied up in Bitcoin is distributed among a few wallets and therefore Bitcoin owners is well known and no longer a secret. A big Bitcoin capital owner with the wallet address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 has amassed a fortune of 93,947 Bitcoins since the beginning of this year and thus a fortune of nearly 700 million US dollars.

In the last few days, this address has started to send 8,000 BTC to a wallet of the Exchange Huobi. These moves were uncovered and investigated by an administrator of the Chinese forum 8btc.com .

The observers say that this address has always bought a lot of Bitcoin when the Bitcoin price has fallen sharply (freely translated):

The BABI Financial Statistics has found that the account tends to buy Bitcoin if it falls. This account is now the sixth largest wallet in the Bitcoin network. The five largest Bitcoin wallets are all owned by stock exchanges.

The address is one of the 6 richest Bitcoin wallet address in the world and holds a fortune of currently just under 660 million dollars at the time of writing, although already nearly 8,000 BTC have been sent to a wallet of the Huobi Exchange.

https://bitinfocharts.com/en/top-100-richest-bitcoin-addresses.html

According to the statistics collected, this Bitcoin whale has received most of its Bitcoin through wholesale account transfers from individual accounts. There is currently speculation that this account owner could prepare a Bitcoin sell-off.

However, the administration team of the Chinese forum states that it might as well be a long-term investor (freely translated):

We do not know who the owner behind this mysterious Bitcoin account is. This is one of the attractions of the Bitcoin network. However, in terms of the traditional financial market, the manager of this account may be an institution for long-term investments.

As already have been reported, sales of the Trustee of the bankrupt Bitcoin Exchange Mt. Gox have already led to a subsequent price drop several times, so that in this case a similar scenario would be conceivable.

It is only the wallet owner himself who knows whether a possible sell-off is being prepared or whether these account movements serve other purposes. Nevertheless, in the crypto market, almost nothing is left to chance and follows a higher-level strategy. Whether it actually comes to that, must be further observed.

Marko Vidrih @cryptomarks

Image via Pixabay