The type of report below has popped up regularly about BTC for years. Whenever you see it, keep this in mind. With BTC or any asset, if a very large holder gets in motion on the sell side, it’s often because he’s aware of a large buyer in the market. That awareness can come from his own market knowledge, or from sources including sell or buy side desks, etc. In my past experience as a market maker on a big sell-side desk, we’d often get a call from a hedge fund or mutual fund who would give us a large sell order and say something like “Don’t be in a hurry, there’s a big buyer out there.” Sometimes the seller would even name the big buyer. This trading dynamic is even more relevant to BTC, where the entire market can see when a big holder “wakes up” (ie, transfers BTC). The holder knows this, of course, so it’s often likely that he’s aware of a specific large bid out there that will compensate for everyone seeing that he’s woken up. Of course this dynamic isn’t always the case. Sometimes a big holder just wants out and he doesn’t know or care about anything else. But keep the above in mind when you see this type of report.