Satoshi-Era Whale Dumps 16,843 BTC Causing 4.9% Bitcoin Plunge

On July 15, 2025, a dormant whale from the Satoshi era moved over 16,000 BTC, causing market panic. The enormous dump, worth more than $2 billion, occurred just days after Bitcoin surpassed $123,000. With the price dropping below $117,000, the event has revived worries about legacy holders’ influence on market stability.

The crypto world was startled when blockchain experts observed substantial transfers from an address that had been inactive since 2011. This address, formerly connected with the so-called Satoshi-era whale, first sent 4,500 BTC, approximately $536 million, to Galaxy Digital. The whale then continued to dump assets, with two further transactions of 4,000 and 500 BTC, followed by waves of 2,043, 3,000, and 2,800 BTC.

These enormous on-chain moves, totaling 16,843 BTC, spurred speculation and sell-side pressure, eventually lowering Bitcoin below important support levels. On-chain tracking platforms revealed that the majority of these transactions went through over-the-counter (OTC) desks, indicating a potential liquidation rather than a security upgrade.

“This whale is likely profiting from Bitcoin’s all-time highs,” a crypto expert at CryptoQuant claimed. “But the speed and volume of these movements created panic among leveraged traders.”

Galaxy Digital emerged as the principal receiver of the original payment, getting a total of 9,000 BTC. According to data, Galaxy transmitted portions of the received Bitcoin to prominent exchanges. This fueled suspicions that these assets will soon be liquidated on the open market.

The market’s reaction was quick. Bitcoin plunged from $119,000 to $116,218 in under four hours, with almost $406 million in long bets liquidated across derivatives platforms. Analysts saw that another whale soon changed into a short position, hastening the cascade liquidation impact.

Meanwhile, a blockchain intelligence firm released a supplementary statement clarifying that the same entity’s prior transfer of 80,000 BTC was part of a wallet security update, not a sale. “These funds were simply migrated to SegWit-enabled wallets and will remain untouched,” the firm said in a statement.

While short-term traders were caught up in the volatility, long-term investors assessed the situation with cautious optimism. The sell-off, while significant, represents only a percentage of the total BTC supply, and the fact that many of the whale’s assets remain in cold storage may imply that the objective was not a full departure but rather a portfolio rebalance.

Market observers also cite a high desire for Bitcoin ETFs and increased institutional acceptance of BTC as major factors in absorbing these large-scale dumps more successfully than in previous cycles. “Five years ago, such a transfer would have tanked BTC by 20% or more,” one Bitwise expert said. “Today, the market is deeper, more liquid, and more diversified.”

The emergence of a Satoshi-era whale and the sale of more than $2 billion in Bitcoin sparked volatility, demonstrating how legacy wallets continue to affect crypto market dynamics. While the short-term impact resulted in a sharp correction and extensive liquidations, the market’s recovery from such a massive sell-off demonstrates its rising maturity. It is unclear whether further assets from this wallet will be released, but one thing is certain: even after 15 years, Bitcoin’s early holders may still affect markets with a single transaction.