- A Bitcoin whale moved all 80,202 BTC worth $9.6B to Galaxy Digital, stirring speculation over intent and identity.
- The stash, untouched since 2011, was likely owned by an early miner and sold at $118K each after being bought for just $132.
- Galaxy may have bought or is brokering the BTC, while some think the whale is shifting funds or launching a new crypto venture.
A legendary Bitcoin whale has just completed one of the largest sell-offs in crypto history. Over the past three days, the entity moved all 80,202 BTC it had held dormant since 2011—worth $9.6 billion at today’s prices—to Galaxy Digital. The average transfer price was around $118,834. Originally purchased for just $132, the whale’s return represents a jaw-dropping 72,000x gain. According to on-chain data from EmberCN and Arkham, the transfers were made in several 10,000 BTC batches beginning July 4.
Today, the final batch of 40,192 BTC—worth $4.83 billion—landed in Galaxy Digital’s wallet. That wallet now holds 40,288 BTC after previously redistributing some to major exchanges like Coinbase, Bitstamp, and Gemini. These movements suggest that Galaxy may have either bought the stash or is handling OTC sales for the whale.
Galaxy Digital at the Center
Galaxy Digital, known for offering large-scale over-the-counter crypto services, now plays a central role in this event. Analysts believe the whale used Galaxy to avoid slippage on public markets. On-chain expert Lookonchain pointed out this pattern, while crypto trader Marty Party speculated Galaxy bought the entire 80,000 BTC. He believes they may sell some and retain the rest to fuel internal projects.
Additionally, speculation around the whale’s identity continues to grow. Some suspect Bitcoin Cash supporter Roger Ver. Others claim the stash could belong to Satoshi Nakamoto himself. However, Coinbase’s Conor Grogan believes the whale is likely an early miner from Bitcoin’s early days, when mining rewards were 50 BTC per block.
Purpose Remains Unclear
Despite assumptions, not everyone agrees this marks a full sell-off. Komodo’s CTO Kadan Stadelmann suggested it could be strategic housekeeping or a move toward safer wallet structures. He also mentioned the whale might be launching a Bitcoin venture or redistributing the holdings.
This 14-year-old Bitcoin stash—worth just $62,400 in 2011—has soared to over $9.6 billion. As Bitcoin hits fresh highs above $120,000, its earliest adopters are once again moving markets in dramatic fashion.
