It’s an interesting chart. But the wallet is now empty and the last move was 1 March. So it seems any influence that wallet could have is now gone
Given the size I wonder if it is an exchange cold wallet and those coins have now all gone to strong hands.
Given the size I wonder if it is an exchange cold wallet and those coins have now all gone to strong hands.
I am kind of with you Hairy, but March 1 is not that long ago, and all 60k coins put on one exchange, perhaps? Would have to be a real liquid exchange to absorb that many coins with hardly a blip downwards in the BTC price.
We cannot completely rule out that those coins have not been traded yet, or only a fraction of them have been traded, so far.
It would be great if those coins had already got absorbed by the market, but what are the chances? 50% at best?
I followed the coins one hop. They go to here: https://bitinfocharts.com/bitcoin/address/bc1qyy30guv6m5ez7ntj0ayr08u23w3k5s8vg3elmxdzlh8a3xskupyqn2lp5w This wallet has had 330,000 BTC pass through it but its balance is always kept low. The big 1000 BTC transactions get shattered into thousands of smaller transactions in that wallet, with outgoing transactions every few blocks. This definitely looks like hot wallet behaviour.
I am 90% confident that we are looking at the cold wallet of an exchange with a linked hot wallet one hop away. So yes, the coins have been absorbed by the market.