Mysterious Bitcoin Whale Who Kickstarted Previous Crashes Appears Again

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Blockchain data has revealed that a mysterious Bitcoin whale that’s transacted over $350 million worth of BTC has just received a large sum of supply.

Data also shows that each time this wallet has received a large sum of Bitcoin, a massive selloff follows. Will this latest transaction lead to yet another catastrophic collapse across the crypto market?

BTC Outflow Reveals Large Wallet Refuels, Past Top Ups Coincide With Drawdowns

Thanks to the transparency that blockchain provides, crypto analysts are always paying close attention to the inflows and outflows of Bitcoin.

This BTC can be seen flowing into or out of exchanges, and even an individual’s wallets.

And while we don’t always know who the individual is behind each wallet, often information can be gleaned that may explain any intent behind the transaction.

Related Reading | S&P 500 Crash Resembles Illiquid Altcoin Crypto Whale Dump

This intent could be moving to another wallet for long-term storage, or to a crypto exchange in preparation to be market sold onto unsuspecting buyers expecting a new bull market.

Recently, a 50 BTC transaction from an extremely old wallet set the crypto community abuzz with speculation.

And although the funds never were sold, trigger-happy crypto investors panic sold Bitcoin fearing the worst.

How will they respond then, when they realize that a mysterious Bitcoin whale wallet associated with transactions that coincide with enormous selloffs may have just reloaded their cannons?