Satoshi whale moves latest 40,000 BTC to Galaxy Digital

One of the oldest Bitcoin whales ever has moved its latest 40,192 BTC worth about $4.77 billion to Galaxy Digital.

One of the oldest Bitcoin whales ever has moved its latest 40,192 BTC worth about $4.77 billion to Galaxy Digital. That comes from onchain data. The transaction follows an earlier transfer of 40,009 BTC earlier this week, also to the same asset manager.

In total the whale moved 80,201 BTC in four days, an astronomical amount of more than $9.6 billion. Notably: at least 6,000 BTC have already ended up on crypto exchanges like Binance and Bybit. A classic sign that selling is coming.

Some analysts think, however, that the whale will liquidate only a small portion to take profits, and that the rest is held at Galaxy Digital for centralized custody. In that scenario Galaxy simply acts as custodian.

The whale was first spotted by on-chain analysts on July 4, when after 14 years of radio silence activity suddenly appeared on the old wallets. Given the huge amount of BTC this 'diamond hands' holder has, many in the crypto space fear a price drop on a big sell-off.

The market reacted immediately to the first transfer on Tuesday: Bitcoin fell by several percent. The price is now just over $118,000, but could not hold above $120,000. The question now remains: is this OG hodler selling… or just playing it safe?