Slowly but steadily, a diamond-handed Satoshi-era Bitcoin whale who recently awoke after years of dormancy has now moved all his 80,000 BTC to Galaxy Digital.
The crypto community applauded the Bitcoin whale in early July for his balls in holding BTC through multiple cycles. The whale purchased 80,009 BTC for a little above $217,000 in 2011, distributed them among eight wallets, and remained dormant for over 14 years.
Now, the Bitcoin whale has become a source of selling pressure for the premier crypto asset. Earlier, some thought it was just a reallocation of funds to new wallets. In addition, Coinbase’s head of product suggested it was possibly a hack, but now it is clear the whale means business about dumping his stash.
Bitcoin Whale Completes BTC Shift to Galaxy Digital
Data from Arkham, elaborated on by Lookonchain, shows that the whale has been busy lately. It also started when he moved 9,000 BTC ($1.06 billion) through Galaxy Digital on July 15. The Bitcoin whale moved the stash from the “bcc1qq” address, and Galaxy Digital shifted the funds to multiple centralized exchanges.
The whale moved another 7,843 BTC ($927 million) a few hours later and didn’t stop until it had moved 40,000 BTC ($4.68 billion) to Galaxy Digital. Meanwhile, the digital asset platform shifted some of the funds simultaneously to Bybit and Binance.
Yesterday, the Satoshi-era Bitcoin whale moved the remaining 40,000 BTC to Galaxy Digital. He did this through a different wallet, “bc1qs4.” The address received the stash from four different wallets on Thursday before it began to move them to Galaxy.
“That’s Literally $8 billion”
Long-standing Bitcoin bear Jacob King took the opportunity to target enthusiasts of the premier cryptocurrency. He argued that the selling Bitcoin whale joins a growing list of early investors “jumping ship” recently.
Why are they selling? Jacob alleged it was because they know what is coming. According to him, Bitcoin was going to crash—a sentiment he has persistently echoed, despite BTC’s continued rise to fame and unprecedented prices.
Meanwhile, a user disagrees. “Dude, that’s literally $8 billion dollars that’s nothing,” the reaction pointed out. In truth, the $9.46 billion moved was meager in comparison to Bitcoin’s $2.38 trillion market cap.
Nonetheless, such a shift typically raises skepticism among short-term Bitcoin holders. Moreover, there is an emerging sentiment that Galaxy Digital bought the bitcoins, MartyParty highlighted this in a post today.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
