The whale transferred 17,000 BTC, worth approximately $2 billion, to Galaxy Digital, an investment firm that handles OTC transactions.

After hitting record highs , Bitcoin has suffered a shock. Last night, when the asset seemed unstoppable, a wallet that had been dormant for years suddenly returned to action. It's a "Satoshi-era" whale.

The whale transferred 17,000 BTC, worth approximately $2 billion, to Galaxy Digital , an investment firm that deals with over-the-counter (OTC) transactions.

The transfer occurred just as Bitcoin plummeted from over $123,000 to around $117,600. The timing didn't go unnoticed. Many suspect that the big players are taking advantage of the new wave of interest from small investors to profit.

Spot On Chain found that the 17,000 BTC transaction to Galaxy Digital is just part of a larger set of movements, all coming from wallets linked to the same whale, which has held Bitcoin since 2011.

Bitcoin $BTC whale transferred a total of 80,000 BTC

Last Monday, the same entity transferred $2.4 billion in Bitcoin to a new address. In total, 80,000 BTC have been transferred in the past few days — the first transaction from this wallet after more than 14 years of silence.

According to Spot On Chain, eight wallets linked to the whale transferred a total of 80,000 BTC, worth approximately $8.68 billion. Two of these wallets received the assets between April and May 2011, when Bitcoin was trading below $4.

At the time, the entire sum was worth just $217,800. Today, that same fortune has multiplied nearly 40,000-fold.

Most of the funds were transferred to Galaxy Digital. According to on-chain analytics platform Lookonchain, the whale has so far moved 16,843 BTC, worth approximately $2 billion.

Of these, approximately 2,000 BTC—equivalent to 236 million—were transferred to exchanges such as Binance and Bybit. This detail suggests a possible sale is on the way.

Are whales profiting?

Analysts see the recent movements as a clear sign of profit-taking. Several wallets that had been dormant for years have suddenly reactivated, moving large amounts of Bitcoin. This behavior, according to many, suggests that some whales are starting to sell, taking advantage of the high prices, while investors continue to buy, driven by the new highs.

Conor Grogan, Head of Product at Coinbase, has speculated that the resurgence of some historic wallets may be due to private keys falling into the wrong hands. This possibility, he says, remains unlikely, but cannot be completely ruled out.

The reawakening of wallets that have been dormant for years has always generated considerable caution in the market. Currently, the whale still holds around 11,000 BTC, worth $1.3 billion, so further movements are possible.

As more and more whale trades are handled by institutional desks, many believe these movements are related to over-the-counter (OTC) trades, rather than direct sales on exchanges. Even if they don't immediately impact the market, their effect still weighs on investor sentiment.

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