A long-dormant Bitcoin whale, dating back to the Satoshi era, has made waves by transferring over $1.1 billion worth of Bitcoin to centralized exchanges. This massive transaction has sparked concerns regarding a potential market correction, particularly during the low-liquidity weekend.
Starting with an initial transfer of 40,000 BTC valued at over $4.6 billion on July 15, this whale, holding significant assets since 2011, made a second transfer of another 40,000 BTC on July 18 to Galaxy Digital. Subsequently, Galaxy Digital moved approximately 10,000 BTC, worth around $1.18 billion, to major exchanges, including Binance, Bybit, Bitstamp, Coinbase, and OKX.
Experts, including analysts from the platform Lookonchain, express mixed sentiments regarding the implications of these movements. While the $9.6 billion sale raises apprehensions about a market downturn, historical data suggests that similar dormant whale activities have not consistently led to significant corrections. Analysts from Bitfinex have stated: “This whale movement, although eye-catching, should not overshadow the constructive momentum the crypto industry is gaining on the regulatory front.”
Industry observers have pointed out that long-term holders re-engaging with the network might indicate readiness for the next institutional cycle. Despite the pullback fears, some analysts believe that the remaining 12,000 BTC, worth around $1.38 billion, will be easily absorbed by the market without causing considerable disruption.
This transfer activity is reflective of a larger shift in the cryptocurrency market’s structure. According to Ki Young Ju, CEO of CryptoQuant, the current trend indicates that older whales are selling to new long-term investors rather than to retail traders as seen in previous cycles. This hints at a deeper institutional engagement, signaling that the traditional four-year Bitcoin cycle theory may no longer be holding true.
Furthermore, as institutional investment from companies such as Strategy, Tether, and Metaplanet accelerates, Bitcoin may enter a phase of unprecedented growth, potentially revisiting and exceeding previous all-time highs. The crypto ecosystem is evolving rapidly, and these significant whale movements could be the catalyst for a monumental change.
