The activity of a Bitcoin wallet holding over 80,000 BTC stirs the market as 20,000 BTC, untouched for more than 14 years, has been sold and transferred to Galaxy Digital.
Strategic Moves from a Bitcoin Pioneer
According to Lookonchain, the ancient wallet controlled eight addresses. Two received 20,000 BTC on April 2, 2011, while the other six received 60,009 BTC on May 4, 2011.
Four addresses woke up on July 4, 2025, transferring 40,000 BTC. Several hours later, the other wallets also stirred to life, moving 20,000 BTC, priced at about $2.17 billion, to a new location.
Then, on July 14, after a short period of quiet, the ancient holder moved 40,009 BTC worth some $4.68 billion to Galaxy Digital over several hours, with some of these funds directed to Binance and Bybit.
Market Jitters and Historical Context
The current situation draws parallels to the Mt. Gox wallet reactivations in 2024, when the movement of BTC led to a 31% price drop. However, there are also differences. The sell-off is being managed professionally via Galaxy Digital, suggesting a more controlled distribution. Investor Daan Crypto Trades noted that such events often generate exaggerated fears.
Meanwhile, Bitcoin, which celebrated a new all-time high above $123,000, is trading around $117,500 at the time of writing, reflecting a 4% dip from the peak.
Outlook and Next Steps
Currently, market conditions are providing a stronger demand from institutional and OTC investors, which may help absorb any potential excess supply. Unlike last year, when the market faced pressure from the sale of 50,000 BTC by the German government, the present state offers hope that a similar situation will not result in significant price fluctuations.
In summary, the activation of ancient Bitcoins raises serious concerns among market participants, but professional management of transactions and current demand may alleviate potential negative impacts.
