In early July, the transfer of 80,000 BTC that had been dormant since 2011 sparked curiosity and concern among the crypto community. This treasure trove is now managed by Galaxy Digital, which has just transferred $3.5 billion to exchanges. Has the sale begun?
Galaxy Digital transfers 30,000 BTC to exchanges
Movements in Bitcoin’s historical wallets, which have been dormant for over a decade, always arouse the curiosity of the cryptocurrency ecosystem. This is especially true when it involves a total of 80,000 BTC, estimated at $9.5 billion, as was the case at the beginning of July.
This colossal sum was collected from more than 15 different addresses, with the final destination recently being Galaxy Digital, a major institutional player in the cryptocurrency sector. The unknown person responsible for these transfers had clearly chosen this company to take care of their precious BTC.
This activity did not last very long, according to data recently published on the blockchain monitoring site Arkham Intelligence, which reported multiple transfers to cryptocurrency exchange platforms in the last few hours. The total estimated value of these transactions is more than $3.5 billion (30,000 BTC).
But the most worrying aspect of this new activity concerns the destination of these funds. According to Arkham Intelligence data, some of the addresses involved in this transfer flow belong to the Binance or OKX cryptocurrency exchange platforms. Could this be the starting signal for a massive sell-off already underway?
More than $1 billion already sold?
This is a crucial question, given that Bitcoin reached a new all-time high of over $122,000 on July 14. This question is short-lived, according to data recently published by the Lookonchain account on the X network, regarding a $1.15 billion withdrawal in USDT made by Galaxy Digital from several exchanges.
Update: Galaxy Digital transferred nearly 30,000 BTC ($3.5 billion) today, most of which was sent directly to exchanges and sold. Galaxy Digital then withdrew $1.15 billion in USDT from exchanges. They still hold 18,504 BTC ($2.14 billion).
Lookonchain
Could this announcement be behind the recent 2% drop in the price of BTC over the last few hours? It’s entirely possible. Especially given the prospect of a resale of all the funds involved, i.e., the remaining $2.14 billion.
