Key Insights:
- A Satoshi-era whale sold 80,000 BTC through Galaxy Digital, worth over $9 billion.
- The Bitcoin came from wallets linked to the now-defunct MyBitcoin platform.
A Satoshi-era whale has offloaded 80,000 BTC through Galaxy Digital. It is one of the top firms in crypto asset management. The sale, worth over $9 billion, is now among the largest single transactions in Bitcoin’s history.
This move shocked the market briefly, especially as the Bitcoin price dipped below $115,000 during the day. However, what followed was even more surprising. The market absorbed the sale effortlessly, and BTC appears to be bouncing back.
Galaxy Digital And The $9B Bitcoin Sale by Satishi Era Whale
Galaxy Digital initially confirmed the transaction through a press release. This later echoed the announcement in a blog post. The firm did not reveal the identity of the Satoshi era whale. However, it described the move as part of the individual’s “estate planning strategy.”
On-chain data showed that this sudden BTC flow came from dormant wallets tied to MyBitcoin. It is one of the earliest wallet services to shut down after a major hack 2011. The coins were moved in mid-July before being handed over to Galaxy Digital.
Galaxy also embedded a message into the transaction using Bitcoin’s OP_RETURN field. It even sent 1 Satoshi to each recipient’s address in the transaction.
This detail wasn’t just for fun. It has been all the buzz among blockchain analysts, who confirmed that the company was directly involved.
The Mysterious MyBitcoin Connection
What makes this sale by Satoshi era whale even more interesting is its connection to the MyBitcoin platform.
According to blockchain investigators, the wallets had remained untouched for 14 years after Bitcoin’s creation. This has been a significant source of speculation about who the actual seller might be.
Some speculators, including CryptoQuant CEO Ki Young Ju, believe the coins may be linked to the platform’s founder, Tom Williams. Others suggest they could belong to the hacker behind the platform’s collapse.
Ju questioned whether Galaxy Digital conducted forensics before handling such a massive transaction. Still, others believe Galaxy’s involvement reduces the chance of foul play.
Market Reacts With Surprising Strength
Despite the sheer volume of Bitcoin entering the market, the price reaction was surprisingly mild. BTC dropped briefly by 4% but rebounded quickly.
As of press time, it’s trading well above $117,000. Some analysts believe this shows that Bitcoin’s strength is growing amid increased depth within its market.
According to Jason Williams, the author of Bitcoin Hard Money, the market had “fully absorbed” the entire sale. Joe Consorti of Theya echoed this: “80,000 BTC, over $9 billion, was sold into open market order books, and Bitcoin barely moved.”
Despite many tokens being sold, Bitcoin has remained relatively stable. This supports the idea that the next bear market might be less intense than previous ones.
Was the Timing of this sale by Satoshi Era whale Intentional?
The timing of the sale by the Satoshi era whale has raised eyebrows so far. Bloomberg analyst Eric Balchunas questioned the decision to liquidate such a large amount in a single event.
He also wondered if the seller had lost confidence in Bitcoin. “Unless they plan to buy the LA Lakers in cash, it seems odd, even concerning,” he joked.
However, this is a move to cash in on an asset that has appreciated over the years. The investor probably acquired Bitcoin at a low cost more than ten years ago. Selling it now, primarily via Galaxy Digital, aligns with long-term wealth or estate planning strategies.
Overall, all of this means that liquidity has improved for the markets. While coins from Bitcoin’s earliest days inspire interest, debate, and sometimes fear, the market is mature enough to handle them.