Cointelegraph by Stephen Katte
A Satoshi-era Bitcoin whale with 80,201 Bitcoin has shifted the other 40,192 Bitcoin, worth $4.77 billion, to Galaxy Digital, joining a 40,009 BTC transfer to the asset manager on Tuesday.
Blockchain onchain data service Onchain Lens was among the first to notice the new transfer. This means the whale has shifted 80,201 to Galaxy Digital in the last four days, equating to $9.6 billion at current prices.
During this time, at least 6,000 Bitcoin (BTC) have been sent to crypto exchanges Binance and Bybit, blockchain intelligence platform Nansen shows.
Whale could be securing “jaw-dropping profits”
Blockchain analytics service Lookonchain noticed the whale on July 4, when it started shifting holdings around for the first time in 14 years. It had amassed the bulk of its Bitcoin across two deposits: 20,000 in Bitcoin on April 2, 2011, and 60,009 on May 4, 2021.
Speaking to Cointelegraph, Kadan Stadelmann, chief technology officer of Komodo Platform, said nobody can say for sure what the whale’s motivation is, speculating they might have decided it was a good time to “secure jaw-dropping profits.”
Bitcoin crossed just over $122,000 on Monday, reaching a new all-time high again, making the whales’ full stack of Bitcoin worth over $9.7 billion at the time.
“The whale may simply want stability for their family or plan to start a new venture. Maybe they are going to fund off-grid projects that align with the self-reliance vision of Bitcoin,” Stadelmann speculated.
Alternatively, Stadelmann suggests the whale could have “mixed feelings” about Bitcoin’s increasing institutional adoption, regulatory pressures and integration into the traditional financial system, given “the original crypto-anarchist ethos.”
Bitcoin might not be sold
Previously, some of the whales’ deposits to Galaxy Digital have been sent to crypto exchanges, sparking speculation that a sell-off was on the cards.
However, Stadelmann said that doesn’t necessarily mean the whole stash will be liquidated, as the whale could be doing “housekeeping toward a more secure wallet strategy,” or rethinking how they hodl.
Related: Massive OG Bitcoin whale shifts another $4.7B of BTC to new wallet
“The whale could be investing in a new Bitcoin venture, and leveraging their BTC to do so. They could also be using Galaxy as an intermediary to distribute BTC to smaller wallets,” Stadelmann said.
Pseudonymous crypto trader Marty Party said in an X post on Thursday that Galaxy Digital might have bought the Bitcoin.
“IMO: They bought all 80k, sold some and will hold some, and use the proceeds to benefit their businesses. Well played. The 80k is off the market,” he said.
Largest Bitcoin hodler 11th richest in the world
Bitcoin’s creator, Satoshi Nakamoto, became the 11th richest person in the world after Bitcoin tapped $120,000 on Sunday.
Nakamoto is believed to hold 1.096 million Bitcoin across thousands of wallets, worth over $131 billion, which in theory, makes them number 11 on Forbes’ richest billionaires list.
Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin: Here’s why
