A recent transaction by a well-known Bitcoin whale has attracted significant attention in the crypto world. After 14 years of inactivity, the whale transferred approximately 20,000 BTC to Galaxy Digital.
Transfer of the Whale's Assets
According to data from on-chain analysis companies, this is the first time the whale has sold Bitcoin. Transfers from the wallet with the address 'bc1qq…atjty' began at 9:34 PM on Monday night and were completed in seven separate transactions. Transaction sizes ranged from 500 BTC to 4,500 BTC. The final transfer occurred at 1:28 AM on Tuesday morning, completely emptying the wallet with a transaction of 3,160 BTC.
Analysis and Interpretation of Transactions
Onchain Lens confirmed that the sending address belonged to the whale that moved 80,000 BTC over 14 years. Analysts interpret the whale's decision to sell just as Bitcoin reached a record high of $123,000 as a strategic move. Cashing out through an institutional broker like Galaxy Digital may indicate a profit-taking phase.
Bitcoin Market After the Transfer
Bitcoin retreated to $116,600 on Monday after reaching a record high of $123,000, representing a 3.53% drop in the last 24 hours. Coinbase executive Conor Grogan suggested that the large balance of 80,000 BTC might belong to a single miner operating in 2011.
These events highlight the volatility and strategic maneuvers in the Bitcoin market, especially concerning major asset liquidations after a lengthy period of inactivity.
