Unknown whale sells $576M in bitcoin as BTC nears $80,000

An unidentified wallet moved 7,700 bitcoin between Aug. 19 and Aug. 22, according to on-chain records. At current market prices those coins are worth about $576.6 million. The most recent transfer was a single 2,700 BTC transaction executed hours ago, valued near $211.8 million.

The disposals occurred while bitcoin gained more than 20% for the week. Prices reached intraday highs around $79,500 before easing back toward roughly $77,000 at the time of reporting. Blockchain data shows the coins were transferred but does not reveal the seller’s motive.

The sales follow a period of accumulation by large addresses. Data covering the 60 days before mid-August shows major addresses added about 43,000 BTC, roughly $2.75 billion at current prices, after several months of net outflows.

Large-holder selling has continued in other pockets. A separate large wallet moved 7,513 BTC, about $486.9 million, over a three-week span that ended on Aug. 9.

The U.S. Treasury announced it will increase the size of long-dated bond buyback operations from $2 billion to $4 billion per operation starting Sept. 9. After the announcement, long-term Treasury yields fell; market participants note the change as part of the wider backdrop for risk assets.

Traders and market observers say they will watch two variables in the near term: whether more large holders sell into the rally and whether demand from institutions and exchange-traded funds can absorb additional supply. Those factors will be monitored as bitcoin approaches the $80,000 level.