16.07.2025 07:26
A fourteen-year-dormant Bitcoin wallet, holding over 80,000 BTC, recently executed a series of significant transactions, sparking considerable market concern. The wallet, inactive since Bitcoin's infancy, liquidated 20,000 BTC, valued at approximately $2.4 billion, and subsequently transferred billions more to Galaxy Digital, a prominent institutional custodian. This unprecedented activity has ignited anxieties within the cryptocurrency community.
Analysis from Lookonchain reveals the wallet's complex history. Eight wallets, controlled by an early Bitcoin adopter, received a total of 80,009 BTC across two transactions in April and May 2011. On July 4th, 2025, activity resumed, with 40,000 BTC transferred. Further transactions followed hours later, culminating in a substantial 20,000 BTC transfer. Finally, on July 14th, the wallet owner moved an astonishing 40,009 BTC, valued at roughly $4.68 billion, to Galaxy Digital, a portion of which was then directed to Binance and Bybit, dispelling initial theories of mere consolidation or security enhancements.
The sheer scale of these transactions has drawn comparisons to the Mt. Gox trustee wallet reactivations in 2024, a period that preceded a significant 31% correction in Bitcoin's price, as noted by OnChainSchool, a pseudonymous analyst from CryptoQuant. This comparison is fueled by the substantial volume, lengthy dormancy period, and the timing near a recent all-time high (ATH). The parallels are striking, prompting speculation that a similar market correction might follow. OnChainSchool highlighted that only a portion of the holdings have been sold so far, leaving the potential for further market impact uncertain. The situation is closely being watched, with investors apprehensive about the potential for cascading effects.
The events underscore the volatility inherent in the cryptocurrency market and the unpredictable impact of large-scale transactions from long-dormant wallets. The market’s reaction, whether it mirrors the 2024 Mt. Gox event or remains relatively calm, will depend on several factors, including the remaining holdings and subsequent actions of the Bitcoin whale. Analysts and investors alike remain vigilant, closely monitoring the situation for any further developments.
