A mysterious bitcoin whale has sold approximately 7,700 BTC valued at roughly $576.6 million between August 19 and 22, according to on-chain data. The activity includes a recent single transfer of 2,700 BTC worth about $211.8 million. Bitcoin was trading near $77,000 after briefly approaching $80,000 during the week, marking a gain of more than 20 percent over seven days.

Details of the Large-Scale Sales

On-chain tracking identified the wallet associated with the sales by the partial address bc1qsy. The most recent disposal of 2,700 BTC occurred hours before reports surfaced, bringing the three-day total to 7,700 BTC. Some tracking data placed the three-day figure slightly higher at 7,770 BTC. These transfers took place as bitcoin climbed as high as $79,500 before easing back toward current levels around $77,000 to $77,300.

The same wallet has shown a longer pattern of activity. Since July 19, it has deposited more than 12,513.5 BTC, valued at approximately $850 million, into the Binance exchange. Separate market-making activity has also appeared on the same platform, with one firm moving 590.9 BTC worth about $45.66 million in a recent deposit and roughly 3,834 BTC valued near $256.8 million over the prior week.

Shift From Recent Accumulation

The latest sales represent a change from the previous weeks. Large holders had added roughly 43,000 BTC, worth about $2.75 billion, across a 60-day period that ended in mid-August. That buying wave involved both very large wallets and mid-sized holders and followed months of net selling by whales. It coincided with bitcoin’s earlier decline toward $60,000 and helped support the subsequent rebound.

In a separate case, another unidentified holder sold 7,513 BTC valued at approximately $486.9 million over a three-week span that ended on August 9. Such intermittent distribution has continued even as the broader price trend turned higher.

Macro Backdrop and Market Reaction

Bitcoin’s weekly advance has been linked in part to a U.S. Treasury announcement that it would at least double the size of its long-dated bond buyback operations, raising them from $2 billion to $4 billion per operation beginning September 9. The step reduced longer-term yields and encouraged flows into risk assets, including cryptocurrencies.

Despite the scale of the recent whale sales, the price advance has not stalled. Traders are watching whether additional large holders choose to sell into strength and whether demand from exchange-traded funds and other institutional channels can absorb the supply. Some market participants have described the recent move as leaving bitcoin in an overbought zone, with one analyst suggesting a possible near-term retreat toward the $69,000 to $70,000 area before any further advance toward $80,000.

At the time of the latest reports, bitcoin remained well above levels seen earlier in the summer while still trading below the $80,000 threshold it approached overnight. The balance between continued large-holder distribution and incoming institutional demand is expected to influence the next phase of price action.