In the grand historical tapestry of cryptocurrency, a significant drama has recently unfolded that is worthy of being recorded in history. Eight addresses of an ancient Bitcoin whale, each holding exactly 10,000 Bitcoins, have drawn continuous attention due to their sustained unusual activity, and have now finally come to a close. According to accurate on-chain data, Galaxy Digital has recently frequently deposited its held Bitcoins to different exchanges. During this period, the Bitcoin price has fallen from a high of 119,000, breaking below the 115,000 mark.
In-depth analysis shows that this whale has successfully completed its Bitcoin selling operation, with a total value of an astonishing $9 billion worth of Bitcoin changing hands. Galaxy Digital also proudly announced that it successfully represented a client in achieving an unprecedented record in the cryptocurrency field—a single Bitcoin transaction with the highest nominal value. This batch of Bitcoins is the reserve asset of this ancient whale, and this sell-off is actually part of its investment legacy planning strategy.
Speaking of this, it must make everyone envy the descendants of the whale family. A family fortune inheritance of nearly $10 billion is a blessing that can be considered the result of several generations of good fortune, and it can even rank high on the list of wealth inheritance among financial tycoons. The early Bitcoin whales who have managed to hold onto their coins until today are perhaps few, but each one shines like a superstar, radiating a stunning glow. The wealth myth of these whales, benefiting from Bitcoin's astonishing increase of tens of thousands of times, has become an indelible symbol in the long history of cryptocurrency, to be celebrated by future generations.
Speaking of the past, that generous person who exchanged 10,000 Bitcoins for just two pizzas is still talked about by many. Just imagine, now the value of those 10,000 Bitcoins has already exceeded $1 billion; I wonder if this amusing story will be used for comparison and teasing among future generations: look at the 'foresight' of our ancestors!
However, this massive whale sell-off event, while shocking, also highlights the current strong liquidity in the Bitcoin market. If you don't have an intuitive sense of the $9 billion amount, then the 80,000 Bitcoins, which account for about 0.5% of the total Bitcoin supply, should make you realize its potential market impact. Moreover, the actual number of Bitcoins truly circulating in the market is far less than 16 million. Such a large-scale sell-off that the market can calmly absorb undoubtedly strongly confirms that the market is currently in a robust bull market. Although this can only indicate the strong buying power for Bitcoin, it is precisely because of the rich bull market atmosphere that buyers have such strong confidence.
Looking at the market trend, after a brief correction yesterday, Bitcoin quickly regained its ground today. Even after the massive sell-off of 80,000 Bitcoins by the whales, the current price has risen back to around 117,000 points. Ethereum's performance is even more noteworthy, with its rebound strength slightly superior, and the current price has climbed to around $3,750. This strong rise of Ethereum is evident, and there exists a certain resistance range between $3,800 and $4,100; breaking through may take some time, but it is expected not to exceed two weeks. If Ethereum can successfully break through this resistance range in the next 1-2 weeks, its upward momentum will be unstoppable, making great strides towards new historical highs.
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