en.bitcoinsistemi.com
In a development that has caused a stir in the crypto world, a Bitcoin whale who has been dormant for 14 years has transferred his assets worth approximately 20,000 $BTC (approximately $2.34 billion) to Galaxy Digital.
After 14 Years of Silence: Bitcoin Whale Transfers $2.3 Billion in $BTC to Galaxy Digital
According to on-chain analysis companies, this is the first time the whale in question has sold Bitcoin.
According to Nansen data, transfers from the wallet named “bc1qq…atjty” began at 9:34 PM on Monday night and were completed in seven separate transactions. Transaction sizes ranged from 500 $BTC to 4,500 $BTC. The final transfer occurred at 1:28 AM on Tuesday morning, completely emptying the wallet with a transaction of 3,160 $BTC.
On-chain analytics platform Onchain Lens confirmed that the sending address belonged to the whale that moved 80,000 $BTC in 14 years last week. The platform noted that this was “the whale's first cash-out.”
Analysts interpret the whale's decision to sell just as Bitcoin reached a record high of $123,000 as a strategic decision. The decision to cash out through an institutional broker like Galaxy Digital may indicate that the whale is now entering a profit-taking phase.
Coinbase executive Conor Grogan suggested that this massive 80,000 $BTC balance might belong to a single miner operating in 2011. On the other hand, analytics firm Arkham also stated that these transfers could simply be address upgrades.
Bitcoin retreated to $116,600 on Monday after reaching a record high of $123,000. This represents a 3.53% drop in the last 24 hours.
*This is not investment advice.