Satoshi-era $9.7B Bitcoin OG: Galaxy moves another $1.1B to exchanges

     

Analysts say massive whale activity may not trigger major correction amid rising institutional demand

A dormant Bitcoin whale from the Satoshi era has transferred over $1.1 billion worth of BTC to centralized exchanges in recent hours, igniting speculation over a potential market correction during a traditionally low-liquidity weekend.

The whale, who had held 80,000 BTC since 2011, initiated two large transactions this month-first moving 40,000 BTC (around $4.6 billion) on July 15 and another 40,000 BTC on July 18 to Galaxy Digital. According to Lookonchain, Galaxy has since moved more than 10,000 BTC (roughly $1.18 billion) to major exchanges including Binance, Coinbase, Bitstamp, OKX, and Bybit.

Lookonchain identified the coins as originating from a wallet holding $9.68 billion in Bitcoin, labeling it a “Bitcoin OG.” The timing of the transfers has coincided with the recent implementation of the GENIUS Act, a new U.S. regulation introducing stricter auditing standards for stablecoins-raising concerns about market volatility.

WhaleWire CEO Jacob King claimed that the selloff could “burst the biggest bubble and fraud in financial history: Bitcoin,” asserting that the market is artificially propped up. However, analysts at Bitfinex emphasized that historical whale activity hasn’t consistently triggered large corrections and could instead signal renewed institutional interest.

Whale’s sale may be absorbed

Despite the alarm, some analysts believe the $9.7 billion sale could be absorbed without significant disruption. Onchain analyst EmberCN estimated the whale still holds around 12,000 BTC ($1.38 billion), with the remainder likely being sold through a mix of over-the-counter (OTC) deals and exchange-based trades. He suggested the current market has sufficient liquidity to manage the rest of the dump.

Others see the event as indicative of a broader shift. According to CryptoQuant CEO Ki Young Ju, the traditional four-year Bitcoin cycle is being rewritten. “Old whales sell to new long-term whales,” he noted, implying that institutional demand has changed the market’s structure.

The sentiment was echoed by Bitget COO Vugar Usi Zade, who pointed to growing institutional accumulation by Strategy, Tether, and Metaplanet as key drivers that could accelerate Bitcoin’s trajectory toward new all-time highs.