Bitcoin (BTC) has seen a notable increase in price over the course of the last week, jumping from lows of $9,700 to roughly $13,000. This price boost was so attractive that an anonymous individual or entity deemed it fit to exit some or all of their BTC position on the open market.
The trade occurred early Tuesday morning on Binance, where the trader dumped 6,500 BTC at $12,100, roughly equal to $78.5 million in capital converted to Tether (USDT).
The massive sale resulted in what is known as a “sell wall,” where a large sell order or multiple orders at a specific price momentarily prevent the price from moving any higher.
Notably, this sell wall lasted just a matter of minutes as Bitcoin bull ate up the available supply. This outcome highlights the state of the Bitcoin market and how far liquidity has come in just a matter of years, as a similar trade may have had an impact on BTC’s price trajectory in the past.
The reasoning behind the massive sell order is unclear and the price of bitcoin has continued to trend upwards since the sale.