🐋 Ancient giant whale cashes out for the first time! 8,500 BTC secretly transferred to Galaxy Digital, is the bull market alarm ringing?
💥 Core of the event
After 14.3 years of silence, the ancient Bitcoin whale (previously activated 80,000 BTC) has initiated its first cash-out, transferring 8,500 BTC (about $1.05 billion) to the crypto investment bank Galaxy Digital. This operation breaks market expectations of 'permanent dormancy,' marking the first asset disposal action by this whale in 14 years.
🔍 Mystery of the whale's identity: Three major mainstream speculations
Early miner theory
Coinbase executive Conor Grogan analyzes that this whale may be an independent miner from 2011 who integrated 180 block rewards, peaking at 200,000 BTC (currently worth over $20 billion). Their holding cost was only $1.76 per BTC, with unrealized gains of 61,000 times.
"Cat on the grill" speculation
The Chinese community speculates it could be the missing legendary figure in the mining circle, "Cat on the Grill" (Jiang Xinyu), but their public wallet activity started in 2013, which does not match the 2011 address activation time.
⚡ Why choose OTC trading? The whale's 'gentle sell-off' strategy
Avoiding market impact: If 8,500 BTC were directly dumped onto exchanges, it would equate to 85% of Binance's 24-hour spot trading volume, enough to trigger a crash. However, through Galaxy Digital's over-the-counter (OTC) channel, price fluctuations can be minimized.
Private key security warning: Before the whale's transfer, they conducted BCH test trades, and Conor Grogan warned of the risk of private key leakage or theft, which, if true, would be 'the largest digital asset theft in history.'
📉 Market impact: Is the sword of Damocles only lifted 1/10?
Remaining selling pressure still terrifying
The whale still holds 71,500 BTC (worth about $8.8 billion), which is equivalent to:
12% of MicroStrategy's holdings
Suspicions of main force manipulation
Some analysts believe the whale is from the same camp as the 'super main force' of this bull market, and this activation aims to test market sensitivity, paving the way for future chip distribution.
🏦 Galaxy Digital's 'perfect position'
Bottom-fishing assets: Acquiring the whale's BTC at a discounted price to strengthen its institutional custody and asset management business chips.
💎 Future market outlook: Can the bull market digest the 'whale's fall'?
Short-term sentiment shock: The whale's remaining holdings are like a 'black swan bomb,' potentially suppressing Bitcoin's momentum to break through the $125,000 barrier.
