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Just when Bitcoin is holding on to the $23,000 level after long time, data on huge sale activity shows contrasting signs. It is well established that Michael Saylor’s Microstrategy is the largest institutional investor in Bitcoin. Meanwhile, data from Crypto Quant suggests that the company is perhaps secretly selling some of its Bitcoin holdings. It is also possible that the business intelligence service provider could reveal the selling activity sometime in near future.
Michael Saylor Bitcoin Wallet On Selling Spree?
According to yourdefiguide on Crypto Quant, the main Microstrategy wallet is believed to have already sold 132,382 Bitcoin. The said wallet 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ is rumored to be belonging to Michael Saylor’s company. It is believed that “all of MicroStrategy’s Bitcoin is stored in 2 single sig addresses.” Starting this week, BTC was sent from the Microstrategy wallet to various exchange wallets including Coinbase. Between July 18 and July 21, the Bitcoin holdings were sold at $21,687.84 each.
Was The Bitcoin Transferred To Exchanges For Selling?
However, it is still not clear whether the Bitcoin transfer was made with an intent to sale or not. Saylor, on the other hand, did not make any announcement on the company’s sale of Bitcoin so far. In fact, he tweeted on Tuesday, “Stick with #Bitcoin.” He also tweeted saying that the world needs money that won’t crash, indicating that Bitcoin is crash-proof.
“It is unclear for what purpose this BTC is being sent to Coinbase. Is it for selling? Is it for custody? He (Saylor) has not announced anything yet. But if he sells that will cause a large sentiment shift among many BTC maxis.”
Meanwhile, Bitcoin jumped nearly 12% over the past one week. As of writing, Bitcoin (BTC) is trading at $23,485, down 0.67% in the last 24 hours, according to CoinMarketCap. In the beginning of July, Bitcoin was trading at the range of $18,885.
After the cryptocurrency market crashed recently due to the credit crisis, Microstrategy attracted heavy unrealized losses. The loss was said to be over $1 billion.