In a landmark move for cryptocurrency markets, Galaxy Digital has executed one of the largest Bitcoin transactions in history, liquidating over 80,000 BTC valued at approximately $9 billion on behalf of a long-dormant "Satoshi-era whale." The trade, confirmed in an official announcement by the Galaxy Digital, represents assets untouched since Bitcoin's earliest days.
Galaxy Digital leveraged its over-the-counter (OTC) desk to orchestrate the sale, deliberately avoiding public exchanges to prevent catastrophic price slippage. This approach underscores the critical role specialized financial institutions play in facilitating block trades for high-net-worth entities. The buyer(s) remain undisclosed, though sources indicate interest from sovereign wealth funds and institutional asset managers.
The whale's identity remains anonymous, but blockchain data confirms the coins originated from wallets inactive since 2011. Such large-scale divestment by an ultra-early adopter signals potential profit taking at current all-time highs near $115,000 per BTC. While some analysts interpret this as a bearish sentiment indicator, others highlight the transaction’s inverse significance: $9 billion in demand materialized to absorb the sale, revealing robust institutional appetite.
Market impact appears contained due to the OTC structure. However, the psychological ripple effect persists among traders, reviving debates about dormant supply overhangs and long-term holder behavior.
Galaxy Digital CEO Mike Novogratz previously emphasized the firm’s capacity to "move markets without moving markets," a capability starkly demonstrated here.
This transaction coincides with Bitcoin’s maturation into a $2.2 trillion asset class, where billion-dollar trades increasingly require institutional intermediaries. As regulatory frameworks evolve, such deals may become routine.
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