Just as Bitcoin is holding onto the $23,000 mark after a long time, data on huge selling activity is showing conflicting signs. It is well known that Michael Saylor’s Microstrategy is the largest institutional investor in Bitcoin. Meanwhile, data from Crypto Quant suggests the company may be secretly selling some of its Bitcoin holdings. It is also possible that the business intelligence service provider will disclose the sales activities at some point in the near future.
Michael Saylor Bitcoin Wallet on a Selling Spree?
According to yourdefiguide on Crypto Quant, Microstrategy’s main wallet has already sold 132,382 Bitcoin. The said wallet 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ is said to belong to Michael Saylor’s company. It is believed that “all MicroStrategy bitcoins are stored in 2 single-sig addresses”. Starting this week, BTC has been sent from the Microstrategy wallet to various exchange wallets including Coinbase. Between July 18 and July 21, Bitcoin holdings were sold for $21,687.84 each.
Has the bitcoin been transferred to exchanges for sale?
However, it is not yet clear whether the bitcoin transfer was made with the intention of selling or not. Saylor, on the other hand, has not yet made any announcement about the company’s sale of Bitcoin. In fact, on Tuesday, he tweeted, “Stay with #Bitcoin.” He also tweeted that the world needs money that doesn’t crash, suggesting Bitcoin is crash-proof.
“It is unclear for what purpose these BTC are being sent to Coinbase. Is it for sale? Is it about custody? He (Saylor) hasn’t announced anything yet. But if he sells, it will create a major sentiment shift for many BTC maxis.”
Meanwhile, Bitcoin is up nearly 12% over the past week. As of this writing, Bitcoin (BTC) is trading at $23,485 according to CoinMarketCap, down 0.67% over the past 24 hours. In early July, Bitcoin was trading in the $18,885 range.
After the cryptocurrency market recently collapsed due to the credit crunch, Microstrategy attracted heavy unrealized losses. The damage is said to have amounted to over a billion dollars.
Anvesh reports on key developments surrounding crypto adoption and price analysis. Anvesh has been associated with the industry since 2016 and is a strong proponent of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
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