A massive Bitcoin whale with about 94,000 BTC is shifting funds onto the cryptocurrency exchange Huobi, triggering fears of an impending sell-off.
In total, the trader’s trove of Bitcoin is worth more than $717 million.
So far, the trader has moved 8,000 from the address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 to Huobi in two transactions. The address remains one of the richest in all of crypto, according to BitInfoCharts.
The recent deposits to Huobi were first reported by the crypto website CCN.
The crypto community faced similar fears back in March when Bitcoin’s downfall was blamed on a sell-off of Mt. Gox assets.
Mt. Gox was one of the first big cryptocurrency exchanges before it went bankrupt back in 2014, which created a loss of more than 800,000 BTC.
Legal battles over the bankruptcy are still ongoing in Japan, and the trustee managing the capital has liquidated funds without permission from the courts.