Bitcoin Whale Moves $2.34 Billion to Galaxy Digital After 14 Years

A Bitcoin whale, who had been dormant for 14 years, recently transferred approximately 20,000 BTC, valued at around $2.34 billion, to Galaxy Digital. This significant movement has sparked considerable interest and speculation within the cryptocurrency community. The transfers, which began at 9:34 PM on Monday night and concluded at 1:28 AM on Tuesday morning, were executed in seven separate transactions ranging from 500 BTC to 4,500 BTC. The final transaction of 3,160 BTC completely emptied the wallet, according to on-chain analytics platform Onchain Lens. This wallet, named “bc1qq…atjty,” had previously moved 80,000 BTC over the past 14 years, making this the first instance of the whale selling Bitcoin.

The decision to transfer such a large amount of Bitcoin to Galaxy Digital, an institutional broker, has led analysts to speculate about the whale's intentions. Some interpret this move as a strategic decision to cash out at a time when Bitcoin reached a record high of $123,000. This could indicate that the whale is entering a profit-taking phase, especially considering the recent volatility in the market. Bitcoin had retreated to $116,600 on Monday, marking a 3.53% drop in the last 24 hours.

Coinbase executive suggested that the 80,000 BTC balance might belong to a single miner operating in 2011. However, analytics firm proposed an alternative explanation, stating that these transfers could simply be address upgrades. The true motive behind the whale's actions remains unclear, but the move has undoubtedly added a layer of intrigue to the cryptocurrency landscape.