A Bitcoin (BTC) whale dormant since 2011 has transferred 40,009 BTC ($4.68 billion) to Galaxy Digital, according to on-chain data from Lookonchain. The whale’s original holdings amounted to 80,009 BTC valued at $9.46 billion at current market prices.
The transfers began with an initial movement of 9,000 BTC ($1.06 billion) followed by an additional 7,843 BTC ($927 million) transfer. According to the latest update from Lookonchain on July 15, the Bitcoin OG has now transferred a total of 40,009 BTC ($4.68 billion) to Galaxy Digital.
Galaxy Digital has been depositing the received Bitcoin directly to exchanges, with 6,000 BTC ($706 million) moved to Binance, and Bybit platforms.
Bitcoin price analysis
Although it hasn’t been confirmed as a sale, large whale transfers like this one have historically preceded sharp market movements. Indeed, such sizable transactions can cause short-term ripples in liquidity and trading dynamics, especially during periods of heightened volatility, like the one currently unfolding after Bitcoin’s record-breaking rally.
At the time of writing, Bitcoin was trading at $116,679.10, down 2.64% over the past 24 hours, marking a notable pullback from yesterday’s all-time high of $122,547, when Bitcoin briefly surpassed Amazon in market cap, reaching over $2.4 trillion and becoming the fifth-largest asset globally.
As mentioned earlier, while the identity of the Bitcoin OG remains unknown, the substantial holdings suggest that this is likely a investor from the Satoshi era.
Featured image via Shutterstock.
