Bitcoin News Today: Bitcoin Whale Sells $9B in Historic 80,000 BTC Transfer as Market Absorbs Sale, Price Rebounds from $115k Dip

A long-dormant Bitcoin whale, linked to the cryptocurrency’s earliest days, executed a historic transfer of 80,000 BTC—valued at approximately $9 billion—through Galaxy Digital in July 2024. The transaction, split into two batches of 40,010 BTC and 40,191 BTC, was sent to Galaxy between July 16 and 17, 2024, before being partially redistributed to exchanges and OTC desks for liquidation [1]. The identity of the whale remains unknown, though the wallet has been inactive since the Satoshi era. Galaxy confirmed the transaction’s authenticity but provided no details on the execution price or date [1].

The market reacted with temporary volatility, as Bitcoin’s price dipped below $115,000 before rebounding above $117,000. Analysts emphasized that the scale of the sale—$9 billion—had minimal visible impact on Bitcoin’s broader price trajectory. “Bitcoin barely flinched,” said Joe Consorti, head of growth at custody platform Theya, describing the event as a “clear sign of how deep and liquid this market has become” [2]. Jason Williams, author of Bitcoin: Hard Money, added that the market “fully absorbed” the sale, underscoring improved infrastructure for large transactions [1].

The movement highlights Bitcoin’s maturing institutional ecosystem. The whale’s BTC was initially transferred to Galaxy Digital before being split across exchanges and potentially OTC desks, suggesting a strategic approach to avoid destabilizing the market. While some reports indicated most of the BTC moved to cold storage rather than exchanges [3], the gradual distribution implies deliberate liquidity management. Galaxy CEO Mike Novogratz previously predicted Bitcoin could reach $150,000 this year, though he noted Ether might outperform in the near term due to rising corporate interest [1].

This event follows broader trends of large-scale Bitcoin activity in 2024. Another dormant wallet recently moved $1.2 billion in BTC to exchanges, while on-chain metrics show increased engagement from early investors [3]. Bitcoin’s price has surged past $123,000 year-to-date, driven by spot ETF inflows and a more favorable U.S. regulatory climate. The sale by the Satoshi-era whale reinforces the market’s resilience, with analysts pointing to robust custodial and liquidity services as key enablers.

Approximately 61,697 BTC of the original 80,201 BTC were moved to exchanges for liquidation, while the remaining 12,000 BTC—valued at $1.38 billion—could be sold gradually, according to analysts, though no timeline has been disclosed [1]. The transaction underscores a blurring line between retail and institutional liquidity, solidifying Bitcoin’s role in global finance.

Source: [1] [80000 BTC From Satoshi-Era Wallet Sold For $9B In Historic Crypto Trade](https://financefeeds.com/80000-btc-from-satoshi-era-wallet-sold-for-9b-in-historic-crypto-trade/) [2] [Bitcoin Rebounds After Galaxy Completes Sale of $9B BTC](https://finance.yahoo.com/news/bitcoin-rebounds-galaxy-completes-sale-212801950.html) [3] [$9 Billion in Satoshi-Era Bitcoin Just Moved—What Are the Whales Telling Us](https://cryptorank.io/news/feed/82484-9-billion-satoshi-era-bitcoin-just-moved-what-are-the-whales-telling-us)