This week, the rally of Bitcoin encountered some challenges late Monday when a long-dormant wallet associated with a “Satoshi-era whale” moved approximately 17,000 BTC, valued at over $2 billion, to Galaxy Digital.
The transfer coincided with a decline in Bitcoin’s price, which fell from above $123,000 to nearly $117,600. This movement has raised new concerns about potential liquidation by institutional players amidst growing retail interest.
According to blockchain analytics firm Spot On Chain, the transaction is part of a larger pattern involving a whale that has held these coins since 2011.
[HOT] $8.68 BILLION worth of SATOSHI-ERA #Bitcoin on the move today!
Over the past 12 hours, a total of 8 wallets jointly moved 80,000 $BTC (~$8.68B) to new wallets after being dormant for 14.3 years.
Among these wallets, two received their $BTC in early April-2011 when the… https://t.co/7ipLEJr7Zv pic.twitter.com/28tPHV3nbG
— Spot On Chain (@spotonchain) July 4, 2025
Revival of Dormant Bitcoin Wallets Triggers Large Transfers
Earlier on Monday, the same wallet moved Bitcoin worth $2.4 billion to a new address. In total, 80,000 BTC has changed hands in recent days, marking the first activity for this wallet in over 14 years.
Analysis from Spot On Chain reveals that eight wallets associated with the whale transferred a collective 80,000 BTC, approximately $8.68 billion, after years of inactivity. Two of these wallets received their Bitcoin in April and May of 2011, when Bitcoin was valued at under $4.
At that time, the total value of the holdings was just $217,800, a staggering growth that has now multiplied nearly 40,000 times in value.
Galaxy Digital Receives Over $2 Billion in BTC Transfers, Portions Sent to Exchanges
Galaxy Digital has become the primary recipient of these funds, with Lookonchain reporting that 16,843 BTC worth over $2 billion has already been moved to the firm.
This Bitcoin OG with 80,009 $BTC ($9.46B) transferred another 7,843 $BTC ($927M) to #GalaxyDigital, for a total of 16,843 $BTC ($2B).
Galaxy Digital is depositing $BTC to exchanges, and 2,000 $BTC ($236M) has been directly deposited to #Bybit and #Binance.https://t.co/Sm9UBYboIN pic.twitter.com/rwxHtrV0DQ
— Lookonchain (@lookonchain) July 15, 2025
Of these transfers, 2,000 BTC, roughly $236 million, was deposited directly into exchanges including Binance and Bybit, indicating that some of the Bitcoin may soon be sold.
As Retail Chases New Highs, Whales Are Preparing to Sell on Binance
“While new all-time highs are exciting, the data points to caution. The smart money is moving, and their actions often precede significant market shifts.” – By @Crazzyblockk pic.twitter.com/bA6TX6WKWr
— CryptoQuant.com (@cryptoquant_com) July 15, 2025
Market Analysts Observe Potential Profit-Taking as Dormant Wallets Reactivate
The timing of these transactions has raised eyebrows. While retail investors continue to buy, spurred on by Bitcoin’s new highs, whales appear to be shifting towards profit-taking. As a result, some market analysts interpret these movements as early indicators that major holders may be preparing to exit before another wave of volatility.
Importantly, the wallet originally acquired Bitcoin at around $2 per coin, indicating a substantial return on investment. The recent activity likely marks the first sell-off from the holder since those early days, suggesting a possible change in strategy.
Conor Grogan, Coinbase’s head of product, has theorized that the reactivation of such wallets might stem from compromised keys, albeit with a low probability. Historically, the awakening of long-dormant Bitcoin has often elicited caution in the market.
Currently, the whale still holds about 11,000 BTC, valued at approximately $1.3 billion, leaving room for more transfers in the future. Traders remain vigilant, closely monitoring the situation for potential developments.
As increasing numbers of institutional players facilitate transactions with these large holdings, market participants suspect that these movements are connected to over-the-counter (OTC) deals rather than direct sales. Regardless, the implications of these transfers on overall market sentiment cannot be overlooked.
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