Recently, the cryptocurrency market was shaken by an event termed the "ancient giant whale sell-off"—a mysterious address holding 80,000 Bitcoins, dormant for 14 years, sold off 40,000 Bitcoins through the U.S. listed company Galaxy within 48 hours. The scale and operational mode quickly sparked market speculation about the identity of the seller and the underlying logic.
Identification of the giant whale: from holding characteristics to operational trajectory
To hold 80,000 Bitcoins for 14 years with almost no movements, two core conditions must be met: first, there is no need to rely on liquidating this asset, and second, there are objective constraints that make long-term "operation impossible." Based on this selection, the pool of global candidates that meet the criteria is narrowed down to five: one Chinese citizen, one overseas Chinese, one high-ranking Chinese official, one high-ranking U.S. official, and the founder of the dark web "Silk Road," Ross Ulbricht.
The method of the sell-off has become a key clue: this sale was completed through Galaxy, a compliant enterprise listed in both the U.S. and Canada, which absorbed the sell pressure through a combination of OTC off-exchange trading and exchange transfers. This operational model, highly reliant on U.S. compliance channels, directly rules out the top three candidates related to China—since if they chose to liquidate, they would likely prioritize Asian market channels.
The correlation between Trump's movements and the sell-off
Former U.S. President Trump's recent actions have further complicated the situation. He not only participated prominently in "U.S. Crypto Week" activities but also, against the backdrop of widespread market expectations (stablecoin legislation) passing, rarely called for cryptocurrency. This seemingly redundant action is interpreted as providing "cover" for the giant whale's sell-off—by creating positive market sentiment to alleviate the pressure on prices. Combined with his unusual attention to the crypto space, Trump is considered an informed participant in this incident.
Based on multiple clues, the entity behind the sell-off is pointed towards Ross Ulbricht, the founder of "Silk Road." His background highly matches the holding period of this address: after being arrested in 2013 for operating the dark web platform, his assets have long been frozen, and recent rumors suggest a connection with the Trump family. Some believe that this sell-off is the result of negotiations between the two parties—returning the funds from liquidation will primarily flow to the Trump family as a repayment for "rescue" from Trump's team.
Chain reaction effects on the cryptocurrency market
This sell-off has triggered a significant divergence in Bitcoin at high levels. As a signal led by relevant forces in the United States, its direct impact is reflected in the stagnation of Bitcoin's upward momentum, with some institutional funds beginning to shift towards Ethereum. Currently, Bitcoin's capital inflow is highly dependent on ETF channels, and American retail investors remain unaware of the underlying logic, highlighting the market's fragility.
In the short term, if there is a lack of large incremental capital entering the market, the activity level of the crypto market may continue to cool down. Moreover, the expectation of the "U.S. forces leading the exit" may further shake institutions' confidence in Bitcoin, accelerating the shift of capital towards alternative coins like Ethereum. This turmoil triggered by the ancient giant whale is quietly rewriting the short-term landscape of the cryptocurrency market.