A Bitcoin Whale, Dormant for 14 Years, Moved Thousands of Bitcoin to Galaxy Digital! Is He Preparing for a Sale? Here Are the Details

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. Continue Reading: A Bitcoin Whale, Dormant for 14 Years, Moved Thousands of Bitcoin to Galaxy Digital! Is He Preparing for a Sale? Here Are the Details