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Galaxy threatens to dump 30,000 BTC. Is the BTC price at risk?

The crypto services firm Galaxy moves Bitcoin worth $3.45 billion.

By Mike Hesp
• 3 min read
Galaxy threatens to dump 30,000 BTC. Is the BTC price at risk?

The crypto services firm Galaxy moves Bitcoin worth $3.45 billion. A mysterious whale from the Satoshi era has the BTC price trembling.

For weeks, an extraordinary Bitcoin whale has the crypto community on edge. After 14 years of total silence, this early investor moved about 80,000 BTC, currently worth $9.2 billion. Now a substantial portion could be headed to exchanges.

Earlier the whale from the Satoshi era moved about half of its Bitcoin holdings to wallets of Galaxy Digital. This points to so-called OTC trades, which usually have limited impact on the BTC price.

The calm briefly returned, but according to Lookonchain data, Galaxy Digital has now sent up to 30,000 BTC worth $3.45 billion to crypto exchanges like Binance, OKX and Bybit. Arkham Intelligence says at least 19,548 BTC can be traced directly to the whale from the Satoshi era.

"Bitcoin sale is still underway!" Lookonchain warns in a post on X. In response, the BTC price fell to $115,500 this morning. That’s a 2.4% drop from the previous day.

If there are large-scale sales on the spot markets of major exchanges, it could push the Bitcoin price further down. Often it's not the actual sales that move the price, but investor fear about them.

Meanwhile, Deribit saw a Bitcoin put option placed with a volume of $600 million. This option bets on a BTC price under $110,000 by August 8. It is the largest such trade in the exchange's history.

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