A mysterious Bitcoin whale, inactive since 2011, has transferred 40,192 BTC ($4.77B) to a new wallet, sparking speculation of an impending sale. This follows a previous transfer of 40,009 BTC to Galaxy Digital, with 6,000 BTC sent to Binance and Bybit—potentially signaling a major market move.
Key Details of the Whale’s Activity
- Total Holdings: Originally 80,000 BTC (worth $9.4B+ at current prices).
- First Movement (July 2024): Transferred 40,009 BTC to Galaxy Digital.
- Latest Transfer (July 11): Moved 40,192 BTC to a fresh wallet.
- Exchange Deposits: 6,000 BTC sent to Binance & Bybit, hinting at possible liquidation.
A Whale Awakens After 14 Years
Blockchain tracker Lookonchain first identified this entity on July 4, noting its eight dormant wallets containing Bitcoin acquired in 2011:
- April 2011: Two wallets received 20,000 BTC at $0.78 per BTC ($15,600 total).
- May 2011: Six wallets received 60,009 BTC at $3.37 per BTC ($202,000 total).
After over a decade of inactivity, the whale’s sudden movements suggest a strategic exit or OTC deal.
Is This a Bearish Signal for Bitcoin?
Large Bitcoin transfers to exchanges often precede sell pressure, but analysts note key factors:
- Galaxy Digital may facilitate an over-the-counter (OTC) sale, minimizing market impact.
- Only 6,000 BTC (7.5% of holdings) have reached exchanges so far.
- If sold gradually, the effect on BTC’s price could be limited.
How Does This Compare to Other Bitcoin Whales?
- Satoshi Nakamoto: Holds ~1.1M BTC (never moved).
- Winklevoss Twins: Own ~70,000 BTC.
- Michael Saylor (MicroStrategy): Holds 17,732 BTC personally (plus 226,331 BTC via his company).
- Tim Draper: Acquired 30,000 BTC in 2014’s Mt. Gox auction.
Market Impact & What to Watch Next
- If the whale dumps BTC on exchanges, expect short-term volatility.
- If OTC deals dominate, the market may absorb the supply smoothly.
- Long-term HODLers remain strong, with Satoshi, Saylor, and others holding firm.
Final Thoughts
This Satoshi-era whale’s $4.7B transfer marks one of the most significant Bitcoin movements in years. While some fear a sell-off, the gradual, OTC-friendly approach suggests a controlled exit strategy.
Bitcoin’s resilience will be tested—but with institutional demand rising, the long-term outlook remains bullish.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.