A Bitcoin whale that has been dormant for 14 years awakens, transferring a large amount of BTC causing panic.
An early investor (OG) holding over 80,000 Bitcoins has recently been very active, raising market concerns about a large-scale sell-off. According to Lookonchain's on-chain data tracking, this Bitcoin whale, which became active again after 14 years of dormancy on July 4th, transferred Bitcoin worth approximately $2 billion to a new wallet on Monday.
This whale currently holds a total of 80,009 Bitcoins, worth up to $9.46 billion. Since becoming active again, this investor has transferred a large amount of Bitcoin assets through multiple transactions. With Bitcoin currently trading above $119,000, the market speculates that this entity may be preparing to realize profits from long-held assets.
Image source: X. The Bitcoin whale that reactivated after 14 years transferred Bitcoin worth approximately $2.4 billion to a new wallet on Monday.
Galaxy Digital acts as an intermediary; $2 billion in BTC has flowed into exchanges.
The latest on-chain data shows that this Bitcoin OG whale has transferred 16,843 Bitcoins (totaling about $2 billion) to Galaxy Digital, likely preparing to sell through the services of this institution. This includes 9,000 Bitcoins (worth $1.06 billion) transferred within the last hour and an additional 7,843 Bitcoins (worth $927 million), totaling approximately $2 billion.
It is worth noting that Galaxy Digital has begun to deposit some Bitcoin into major exchanges. Data shows that 2,000 Bitcoins (worth $236 million) have been directly deposited into major trading platforms such as Bybit and Binance, further intensifying market concerns about an impending large-scale sell-off.
Image source: X. 2,000 Bitcoins (worth $236 million) have been directly deposited into major trading platforms such as Bybit and Binance.
Bitcoin is under pressure and has fallen from its historical high of $116,000.
Affected by the whale's transfer actions, Bitcoin prices have shown significant fluctuations. According to TradingView data, Bitcoin started to retract after hitting a historical high of over $123,000 earlier today, and at the time of writing, it had dropped to a low of $116,250, with the current price at $117,181.
This price drop highlights the potential influence of large holders on the market. Market participants are closely watching the subsequent actions of this OG whale, especially whether Galaxy Digital will continue to transfer more Bitcoin into exchanges. If this investor indeed starts to sell off their holdings on a large scale, it could put further downward pressure on the market, testing its liquidity and absorption capacity.
This content is generated by crypto agents compiling information from various sources, reviewed and edited by (Crypto City). It is still in the training phase and may contain logical biases or information errors. The content is for reference only and should not be considered as investment advice.
'Ready to sell? The old whale transfers $2 billion worth of Bitcoin to exchanges, BTC drops to $116,000.' This article was first published on 'Crypto City'.
