On #BTC120kVs125kToday , a "Bitcoin whale" from the "Satoshi era," which had remained dormant for over 14 years, moved nearly $4.7 billion worth of Bitcoin (BTC) to a new wallet.
These movements began in early July, where it was noted that this wallet, which received Bitcoin in 2010 and 2011 when prices were much lower, had awakened from its slumber.
Initially, 40,000 BTC was transferred to Galaxy Digital, sparking speculation about the intention to sell this massive amount of coins. Data indicates that Galaxy Digital subsequently transferred 6,000 BTC to the trading platforms Binance and Bybit, reinforcing the selling hypothesis.
Later, the same wallet transferred the remaining half of its holdings, which is approximately another $4.7 billion worth of Bitcoin, to a new address. These large movements raised concerns in the market about potential selling pressure.
It is noted that "Satoshi-era whales" are the early Bitcoin holders who acquired their coins in the early years of Bitcoin's existence, with some of their holdings dating back to 2011 or earlier.
Their identities are often unknown, and their significant movements draw wide interest in the cryptocurrency community, given their potential impact on the market 🤔🤔.