Galaxy Moves $1.1 Billion in Bitcoin to Exchanges: What's Behind the Satoshi-Era Whale's Actions?

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A long-dormant Bitcoin whale from the Satoshi era has transferred over $1.1 billion worth of Bitcoin to centralized exchanges via Galaxy Digital. This move has sparked concerns among industry watchers about a potential market correction, particularly given the typically low liquidity during weekends.
The whale, holding approximately 80,009 BTC valued at around $9.68 billion, initially transferred 40,000 BTC worth $4.6 billion on July 15, followed by another 40,000 BTC on July 18 to Galaxy Digital. Galaxy Digital has since moved over 10,000 BTC, worth about $1.18 billion, to major crypto exchanges like Binance, Bybit, Bitstamp, Coinbase, and OKX.
Market Impact and Analyst Insights
Despite the substantial transfer, some analysts believe the market can absorb the sale without significant impact. Onchain analyst EmberCN estimates that the whale has about 12,000 BTC ($1.38 billion) left to sell, likely through a mix of over-the-counter and exchange sales. Bitfinex analysts suggest that dormant whale movements haven't consistently preceded significant market corrections, and this whale movement may signal a broader shift toward readiness for the next institutional cycle.
Institutional Adoption and Market Evolution
Ki Young Ju, CEO of CryptoQuant, notes that the traditional Bitcoin cycle theory might be disrupted, with old whales selling to new long-term whales, indicating growing institutional adoption. The launch of US Bitcoin exchange-traded funds and increasing institutional investments may accelerate Bitcoin's traditional cycle, potentially driving prices to new highs.

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