Bitcoin has just witnessed a major sell activity as data from on-chain tracking firm Whale Alert reveals the massive sale of an old existing Bitcoin stash on Thursday, November 20.

According to the tracker, an early Bitcoin whale, possibly from the Satoshi era, has successfully executed a massive Bitcoin sell-off worth a whopping $1.3 billion.

The move, which has turned necks across the crypto community, saw the whale further making a fresh transfer of $230 million worth of BTC to renowned cryptocurrency exchange Kraken.

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With no clarity on the reason behind both transactions, the move suggests that whales have continued to distribute from wallets that have stayed dormant for years.

Notably, the transfer marks one of the largest long-term holder liquidations of the year and has sparked discussions among market participants, fueling concerns about its potential impact on the plummeting market condition.

Bitcoin whales continue to sell 

The timing of the huge Bitcoin sell-off by an early holder has further sparked a strong bearish sentiment across the market, as it has come when Bitcoin is experiencing a severe price dip.

While the move suggests that large holders are increasingly exiting the market, it has ignited panic amid the rising selling pressure.

Notably, recent reports have shown that Bitcoin whales have continued to largely offload portions of their stash over the past weeks, increasingly returning Bitcoin back to exchanges as the asset’s price continues to plunge deeper into red territory.

As of today, the prolonged price correction has seen Bitcoin retest the $86,000 mark, a level not seen since April this year, clearing off all possible signs of short-term recovery. Notably, data from CoinMarketCap shows that Bitcoin has decreased by 2.46% over the last day while trading at $86,530 as of writing time.

Commentators have expressed confidence that large Bitcoin sell-offs of this size could strongly push the price of the asset further to the downside, especially when they originate from addresses tied to Bitcoin’s earliest mining era.

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