The global cryptocurrency market has recently stirred up a huge commotion again. A transaction dubbed as "epic" saw the sale of Bitcoin completed within minutes, shocking investors worldwide. According to information disclosed by @BTC_Archive, on August 24, a super Bitcoin whale sold 24,000 Bitcoins in a short period, cashing out approximately 2.7 billion US dollars. This sudden move caused the Bitcoin price to plummet by 4000 dollars instantly, plunging the market into panic.
What's more controversial is that sources claim the person behind this maneuver is Chen Zhi, the founder of Cambodia's Prince Group. The sudden large-scale disposal from a wallet that had been inactive for years has drawn intense market attention and speculation.
Despite the staggering scale of this cash-out, it is still just the "tip of the iceberg" compared to his overall holdings. It is reported that Chen Zhi still owns over 152,000 Bitcoins, currently valued at approximately 17 billion US dollars. There is widespread concern within the industry that if he reduces his holdings again, it could trigger even larger fluctuations in the Bitcoin market.
It is worth noting that this is not the first time Chen Zhi has made such a large-scale Bitcoin sale. A similar move occurred during his acquisition of the Cuban tobacco industry. The direction of the funds from this transaction is widely speculated to be related to a major acquisition or strategic investment project, but the specific purpose remains unclear.
Industry analysts believe that such concentrated sales by whales not only directly lower market prices but also exacerbate the unease among retail investors. After all, for the average investor, a single move by a financial giant could mean the evaporation of billions of dollars in market value.
