In one of the biggest bitcoin sell-offs ever, a mysterious early investor—often called a “Satoshi-era bitcoin whale”—has sold over 80,000 BTC, worth more than $9 billion.
The sale was handled by Galaxy Digital, a major player in the digital assets space, and went down with hardly a hitch.
The investor had held the bitcoin for about 14 years and quietly moved the coins earlier this month. According to blockchain analysts, the BTC came from wallets created as far back as 2011. Those wallets had been completely inactive for over a decade.
Galaxy Digital announced the massive transaction on Friday, calling it “one of the largest notional Bitcoin transactions ever.” They said it was part of the investor’s “broader estate planning strategy.”
This is a big moment in Bitcoin’s history.
Galaxy said in the press release that it was “one of the earliest and most significant exits from the digital asset market.” Experts believe that early holders often include individuals or companies that mined bitcoin in its early days when the price was just a few cents.
Ki Young Ju, CEO of CryptoQuant, suggested the coins may have come from MyBitcoin.com, a wallet service that shut down in 2011 after a hack. He tweeted that Galaxy likely bought the coins directly from the owner.
Others think this shows more early adopters are cashing out as the bitcoin market matures and regulatory clarity improves.
Despite the size of the sale, the bitcoin market barely budged. Prices dipped below $115,000 on Friday but recovered quickly. By the end of the day, bitcoin was above $117,000. The rebound showed the market had “absorbed” the large amount of coins very easily.
@fiatextractor on X shared a chart showing the flow of bitcoin on exchanges and how rapidly the market absorbed this hefty sum.
“80,000 BTC, over $9 billion, was sold into open market order books, and Bitcoin barely moved,” said Joe Consorti, head of growth at Theya.
Trading data shows Galaxy distributed the BTC across multiple exchanges. Some people on social media were even surprised the market didn’t crash with such a massive sale.
Analyst Jason Williams said, The entire sale has already been “fully absorbed by the market” and that shows the strength and maturity of today’s bitcoin market.
Now that the selling pressure is out of the way, many think bitcoin will rally.
John Glover, chief investment officer at Ledn, used Elliott Wave analysis to say bitcoin will rise significantly. “I expect that we will complete wave iii by rallying to circa $132,000,” he wrote in a market update.
Others pointed out key levels to watch. Analyst Ali Martinez said $116,095 is support, $118,955 is resistance. Titan of Crypto said we might see a short-term dip to $114,000, but is bullish on future gains.
Some even think bitcoin will hit $199,000 by the end of the year, citing scenarios from financial firms like Citigroup.
Large bitcoin holders are known to move the market. Their actions are watched closely, especially when they move coins that have been dormant for years.
In this case, the whale’s sale triggered $646 million in the broader digital assets market liquidations, including $152 million in bitcoin longs. But the market’s quick bounce back is a sign of strength.
Other Articles
No Comment! Be the first one.