Quick update on my thoughts on the third largest #BTC whale wallet. The lack of activity further suggests the recent selling is more likely to do with breaking even or realizing small gains on blocks of #BTC acquired in the upper 30s to low 40s. 
This 🐳 lightly accumulated 753 #BTC starting at 50k on May 15th, at the start of the huge pullback. Additional purchases were made at 44.7k, 44.1k, with large buys going all the way down to 29.6k.
As #BTC continues the breakout attempt, I expect this 🐳 to sell small amounts of BTC especially if price approaches its cost basis for certain blocks at 50k.
I see this as risk management and rebalancing, not panic selling to exit. The 🐳 still holds 94.8% of its total #BTC holdings. The recent selling has only reduced #BTC holdings by 5.2%.
If we see the 🐳 sell significantly more than 10% of its total #BTC holdings, especially when BTC tests major resistance levels to the upside, then I think we need to pay more attention.
Light selling is not a major warning in my opinion. This is just one entity (a large one), and we have to consider the aggregate data Onchain to get a better view of what’s happening on the network.
At the moment, the activity of this 🐳 is not showing any major sell signals. Perhaps this entity could buy back if a major buy signals flashes on the weekly for #BTC.
I will continue to monitor this address and keep everyone posted along with any Onchain signals.
If you enjoy my analysis, make sure to follow me for more updates on #BTC.
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