Dormant Whale Moves 80,000 BTC Worth 8.68 Billion After 14 Years

Eight wallets associated with a dormant whale transferred 80,000 BTC, valued at approximately $8.68 billion, after remaining inactive for over 14 years. This significant movement of Bitcoin, which was acquired in 2011 when the cryptocurrency was trading at less than $4, has raised questions about the intentions of large holders in the market. The total value of the holdings at the time of acquisition was just $217,800, but today, that stash has multiplied nearly 40,000 times in value.

This week, a portion of these funds, specifically 17,000 BTC worth over $2 billion, was transferred to Galaxy Digital. This transfer coincided with a pullback in Bitcoin prices, which slipped from above $123,000 to nearly $117,600. The transaction was flagged by a blockchain analytics firm, and it is part of a broader sequence of movements from a whale that has held the coins since 2011. Galaxy Digital has emerged as the main destination for these funds, with 16,843 BTC, now valued at over $2 billion, transferred to the firm so far. Of that, 2,000 BTC, about $236 million, was deposited directly to exchanges including Binance and Bybit, suggesting that at least part of the position may be preparing to be sold.

The timing of these transfers has drawn attention from analysts, who see these movements as early signs that large holders may be exiting before volatility returns. While retail investors keep buying, encouraged by Bitcoin’s new highs, whales seem to be shifting into profit-taking mode. The wallet originally acquired Bitcoin at around $2 per coin, implying a staggering return. Now, the latest movements likely mark the first sell-off by the holder since those early days, signaling a major change in mindset.

Conor Grogan, a head of product, has previously speculated that such reactivations may be due to compromised keys, though he noted the likelihood remains slim. Nevertheless, the reawakening of long-dormant coins has historically sparked caution in the market. For now, the whale still holds about 11,000 BTC, about $1.3 billion, leaving room for further transfers. Traders are watching closely, wary of what might come next. As more institutional desks handle whale transactions, many suspect these movements are tied to OTC deals rather than direct market sales. Even so, their effect on sentiment is hard to ignore.