A Bitcoin whale, dormant since 2011, has made headlines by transferring over half of its 80,000 BTC holdings to Galaxy Digital. The transaction, executed early on a Tuesday, involved the transfer of 40,010 BTC to Galaxy Digital’s over-the-counter (OTC) desk wallets, reportedly valued at approximately 4.7 billion USD.

The transfers originated from two interconnected addresses. The first address transferred 20,000 BTC in several stages, followed promptly by the second address moving 20,010 BTC. Both transactions were transferred to Galaxy Digital’s OTC unit during typically low-volume times for the cryptocurrency market. Just a day prior, Bitcoin’s market cap briefly surpassed Amazon’s, with its price exceeding 122,000 USD, only to later retract to around 117,000 USD.

Experts speculate that this large transfer might signify the whale’s first move to liquidate its holdings. The wallets in question date back to 2011, when Bitcoin was valued at under 30 USD. Given the transferred amount, the wallet owner stands to see a multimillion-fold increase in returns.

The transaction history has fueled various speculations regarding the whale’s identity. Some theories hint at known figures in the crypto space like Roger Ver or intelligence agencies, while others speculate it could be related to Bitcoin’s creator, Satoshi Nakamoto. However, the actual identity of the whale remains unconfirmed.

Onchain Lens: “This transfer indicates the whale’s first-time move to cash out. The address points to a miner from 2011 who moved funds on American Independence Day.”

Experts note that transfers to Galaxy Digital are often chosen for major transactions, offering privacy and minimal price slippage via OTC desks. This route seems preferred over direct exchange sales, indicating the whale’s strategy.

Following the transfers, around half of the whale’s original 80,000 BTC remains inactive. The rest is said to be distributed across various wallets. It is anticipated that the whale might continue liquidations in smaller batches to prevent significant market volatility.

This transfer is considered one of the largest in the Bitcoin market in recent years. Investors and analysts closely monitor such transactions to gauge institutional interest and market trends.

Some sources suggest that only part of the transfer was for final sale purposes, with the remainder held in reserve. Analysts are keen to observe whether similar large-scale transfers will persist in the coming days.

The data reveals this transfer to be notably significant in terms of on-chain mobility. For over a decade, the 80,000 BTC remained stationary, and its recent movement significantly influences the crypto conversation.

Historically, many large Bitcoin wallets have made substantial buys at low prices only to remain inactive for years. Experts believe similar wallets could spur market activity in the future, shedding light on the preferences of large-scale investors. Investors are expected to monitor the immediate effects of such large transfers on the market and the long-term trends in institutional participation.