Bitcoin ($BTC ) is showing signs of recovery after a sharp overnight dip triggered by a massive transfer of funds from a long-dormant whale wallet. Asset manager Galaxy Digital confirmed the sale of 80,000 BTC, worth approximately $9 billion, ending what’s being described as one of the largest transactions in Bitcoin history.



🔍 Key Highlights:




  • 💰 Galaxy Digital sold 80,000 BTC, worth $9B, on behalf of a client.




  • 🧓 The BTC came from Satoshi-era wallets that had been inactive for over a decade.




  • 📉 BTC briefly dipped below $115,000, but rebounded to around $117,200.




  • 📊 Analysts suggest the sell-off may have marked a local bottom.





🧠 What Happened?


$BTC slipped below $115,000 overnight as Galaxy Digital began moving tens of thousands of BTC to exchanges. Analysts linked this activity to a mysterious Satoshi-era whale who had transferred billions worth of BTC earlier this month — coins untouched for more than 10 years.


Galaxy later confirmed the full liquidation of the 80,000 BTC, calling it:



"One of the largest notional Bitcoin transactions in the history of crypto."



The move was part of the whale investor’s estate planning strategy, according to the firm.



📈 Market Reaction




  • BTC price fell 1.2% in the past 24 hours




  • As of Saturday morning, BTC trades at $117,200, recovering from the sell-off




  • Selling pressure is now likely exhausted, say analysts





📉 Was That the Bottom?


John Glover, CIO at crypto lending firm Ledn, believes the sell-off may have created a local bottom:



“Once completed (either today or over the weekend), I expect that we will complete wave iii by rallying to circa $132,000,” he wrote in a market note, referring to Elliott Wave analysis.



This projection hints at potential upside momentum, now that the large-scale BTC sale has cleared.



📌 Final Thoughts


While the massive BTC dump rattled markets briefly, it also cleared the air of selling pressure — allowing Bitcoin to regain its footing. If macro sentiment and technical indicators align, BTC could be setting the stage for another upward wave.




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