Whale Transfers Over $1.2 Billion to Exchanges, Pushing Crypto Prices Down

Galaxy Digital has transferred more than 10,000 Bitcoin—worth an estimated $1.2 billion—to cryptocurrency exchanges within an eight-hour window, according to blockchain analytics firm Lookonchain . This significant movement of funds comes shortly after the company received over 80,000 Bitcoin from a long-dormant wallet linked to a Satoshi-era whale. The original wallet had not been accessed for 14 years, adding intrigue and speculation within the crypto community. The reactivation of these early-era Bitcoin wallets occurred earlier this month. The event took place during a period of heightened market activity, coinciding with Bitcoin reaching new all-time highs of over $122,000. Bitcoin Price Drops Amid Sudden Supply Activity Following these large-scale transfers, the price of Bitcoin showed signs of weakening. Data from CoinGecko revealed that Bitcoin dropped from highs above $119,000 to trade below $116,000 late Thursday. As of the latest update, the world’s largest cryptocurrency is trading around $115,800. This marks a 2% drop over the past 24 hours, highlighting the market’s sensitivity to sudden increases in potential sell pressure. Galaxy Digital’s Strategy Under Scrutiny The decision by Galaxy Digital to move such a large volume of Bitcoin to exchanges has sparked speculation about the firm’s intentions. While on-chain transfers to exchanges are often interpreted as preparation for selling, Galaxy Digital has not issued a public statement explaining the motivation behind the move. The firm, led by Michael Novogratz, is known for its significant crypto holdings and has remained a key player in institutional Bitcoin investing. This recent transfer could suggest portfolio rebalancing or strategic profit-taking amid the latest price surge. Historic Coins Reenter Circulation The reactivated coins were originally mined or acquired in Bitcoin’s earliest years, widely considered the “Satoshi era.” Funds from such addresses are rarely moved, making their reappearance a noteworthy event in the crypto space. Given their age, these coins are often considered “clean” or highly valuable due to their origin before regulatory scrutiny and widespread usage. Their movement tends to draw market attention and can create ripple effects across investor sentiment and market dynamics. Market Remains Volatile Amid Uncertainty The recent market action underscores the continued volatility in the crypto sector, particularly as historical Bitcoin resurfaces and large-scale institutional moves take place. While Bitcoin’s current dip appears minor in percentage terms, it follows a sharp ascent to record highs, making any sign of increased selling pressure closely watched. Traders and analysts will now monitor whether Galaxy Digital’s recent transfer is followed by further sell-offs or price stabilization in the days ahead.