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The price of bitcoin (BTC) has fallen from USD 49,000 to USD 40,000 in eight days following the movement of a mysterious whale spotted by market analyst James Van Straten.
The whale, the name given to an investor with more than 1,000 bitcoins, would have sold more than 100,000 bitcoins when the price of the coin reached USD 49,000, the analyst notes. This is according to on-chain data from explorer Glassnode that indicates the number of bitcoins per entity that last moved in different price segments.
According to Van Straten's research, the whale acquired more than 100,000 bitcoins in the 2021 bull run when the coin was trading at USD 48,000. Therefore, it was at a loss since BTC fell from that price more than two years ago, which would have led it to take profits as soon as it exceeded that price.