A long-dormant Bitcoin whale from the Satoshi era has transferred over $1.1B worth of BTC to major exchanges via Galaxy Digital, raising market concerns — but analysts say the market can absorb the sale.
Key Takeaways
A Satoshi-era Bitcoin whale holding 80,000 BTC ($9.7B) has moved $1.1B in BTC to exchanges via Galaxy Digital.
Analysts say the remaining $1.38B BTC sale could be absorbed by the market with minimal impact.
Some see these transfers as part of a shift to institutional buyers, not a bearish signal.
Dormant Whale Awakens: $9.7B in Bitcoin on the Move
A long-dormant Bitcoin whale from the Satoshi era has re-emerged, transferring more than 10,000 BTC ($1.18 billion) to major exchanges, according to blockchain intelligence platform Lookonchain.
The whale, who has held BTC since 2011, first moved 40,000 BTC ($4.6B) on July 15, followed by another 40,000 BTC on July 18 to Galaxy Digital.
Galaxy has since routed more than 10,000 BTC to major exchanges, including Binance, Bybit, Coinbase, Bitstamp, and OKX.
“The 10,000+ BTC comes from the Bitcoin OG holding 80,009 BTC ($9.68B),” Lookonchain posted on X.
The whale’s transfers come amid new GENIUS Act auditing requirements for stablecoins, fueling speculation about potential market shifts and even triggering bearish commentary from critics.
Will the Bitcoin Market Absorb $9.7B in Sales?
Despite fears of a weekend liquidity crunch, analysts believe the BTC sales may be absorbed without triggering a major correction.
Onchain analyst EmberCN estimates that the whale has about 12,000 BTC ($1.38B) left to sell, likely via a mix of OTC and exchange sales.
“With the current market liquidity, absorbing the remaining BTC should not have a significant impact,” EmberCN noted.
Bitfinex analysts echoed this view, stating that dormant whale movements have not historically triggered sharp corrections and may reflect long-term holders “re-engaging with the network.”
Institutional Buyers May Be Taking Over
Some analysts suggest the traditional Bitcoin cycle theory is being disrupted.
Ki Young Ju, CEO of CryptoQuant, said:
“Last cycle, whales sold to retail. This time, old whales sell to new long-term whales. Institutional adoption is bigger than we thought. Trading feels pointless. Holders now outnumber traders.”
Institutional investors like Strategy, Tether, and Metaplanet are reportedly accelerating Bitcoin accumulation, which some believe could shorten Bitcoin’s traditional four-year cycle and push BTC to new all-time highs sooner than expected.
BTC Market Outlook
Current BTC price: $116,493
BTC transferred so far: 68,000 BTC
Remaining BTC to be sold: 12,000 BTC (~$1.38B)
While some market participants fear a correction, others see the transfers as part of a structural evolution — where legacy BTC holders are passing coins to institutional buyers, reinforcing the long-term bullish case for Bitcoin, according to Cointelegraph.
