This week’s Bitcoin rally hit turbulence late Monday after a long-dormant wallet linked to a so-called “Satoshi-era whale” moved roughly 17,000 BTC, worth over $2b, to Galaxy Digital.
The transfer coincided with a pullback in Bitcoin prices, which slipped from above $123,000 to nearly $117,600, raising fresh questions about whether big players are offloading as retail interest surges.
The transaction, flagged by blockchain analytics firm Spot On Chain, is part of a broader sequence of movements from a whale that has held the coins since 2011.
Bitcoin Wallets Dormant Since 2011 Reactivate With Massive Transfers
Earlier on Monday, the same entity moved $2.4b worth of Bitcoin to a new address. Altogether, 80,000 BTC has shifted hands in recent days, marking the first activity from this wallet in over 14 years.
According to Spot On Chain, eight wallets associated with the whale moved 80,000 BTC, worth around $8.68b, after over a decade of silence. Two of these wallets originally received the coins in April and May of 2011, when Bitcoin traded at less than $4.
At the time, the total value of the holdings was just $217,800. Today, that stash has multiplied nearly 40,000 times in value.
Galaxy Digital Receives Over $2B in BTC Transfers, With Portions Headed to Exchanges
Galaxy Digital has emerged as the main destination for these funds. Lookonchain reported that 16,843 BTC, now valued at over $2b, has been transferred to the firm so far.
Of that, 2,000 BTC, about $236m, was deposited directly to exchanges including Binance and Bybit, suggesting that at least part of the position may be preparing to be sold.
Analysts Eye Profit-Taking Signals as Dormant Wallets Stir to Life
The timing has drawn attention. While retail investors keep buying, encouraged by Bitcoin’s new highs, whales seem to be shifting into profit-taking mode. As a result, some analysts see these transfers as early signs that large holders may be exiting before volatility returns.
Notably, the wallet originally acquired Bitcoin at around $2 per coin. This implies a staggering return. Now, the latest movements likely mark the first sell-off by the holder since those early days. As a result, the shift may signal a major change in mindset.
Conor Grogan, Coinbase’s head of product, has previously speculated that such reactivations may be due to compromised keys, though he noted the likelihood remains slim. Nevertheless, the reawakening of long-dormant coins has historically sparked caution in the market.
For now, the whale still holds about 11,000 BTC, about $1.3b, leaving room for further transfers. Traders are watching closely, wary of what might come next.
As more institutional desks handle whale transactions, many suspect these movements are tied to OTC deals rather than direct market sales. Even so, their effect on sentiment is hard to ignore.
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