- A long-dormant Bitcoin whale from 2011 moved over 40,000 BTC (worth US$4.7B) to Galaxy Digital, marking its first-ever cash-out after briefly moving all 80,000 BTC on July 4.
- The transfers occurred early Tuesday from two linked addresses; one sent 20,000 BTC in batches, the other 20,010 BTC, all routed to Galaxy’s OTC desk.
- Speculation swirls over the whale’s identity, but the move suggests a large-volume sale is likely underway.
A Bitcoin whale dormant since 2011 has begun offloading part of its 80,000 BTC stash, moving just over 40,000, worth US$4.7B (AU$7.2B), to Galaxy Digital early Tuesday.
Two addresses linked to the same entity initiated transfers between 1:42 a.m. and 5:57 a.m. UTC. One sent 20,000 BTC in multiple batches. The second moved 20,010 BTC shortly after. Both were directed to Galaxy Digital.
The news comes just one day after Bitcoin overtook Amazon by market cap, briefly reaching a new all-time high of over $122K. BTC has retraced since, currently trading above US$117K (AU$179K). Even so, at current price, the return would exceed somewhere between 2.4 million percent, considering this wallet bought BTC when it was trading under US$30 (AU$46).
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Large transfers like this are closely watched by traders as signals of institutional flows or major market moves. Interestingly, the same entity reemerged on July 4, when all 80,000 BTC were transferred for the first time in over a decade. The other half of the holdings remain untouched in four separate wallets.
First Cash-Out Ever
This week’s transfer marks the first known instance of the whale attempting to sell. Onchain Lens identified it as the same 2011-era miner who initially moved the funds on Independence Day.
There’s a lot of speculation over the whale’s identity. Some have pointed to Roger Ver, intelligence agencies, or even Satoshi Nakamoto himself.
Whoever it may be, it’s certain that the wallet is ready to sell, according to EmberCN, who suggested the whale is gearing up to sell part of its holdings. Makes sense given that Galaxy’s OTC desk is designed for large-volume trades, offering more privacy and reduced slippage compared to public exchanges.
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