A Satoshi-era whale moved 40K Bitcoin to Galaxy Digital after 14 years—Komodo CTO says it may be locking in massive profits.
Following a transfer of 40,009 Bitcoin to the asset management on Tuesday, a Satoshi-era Bitcoin whale with 80,201 Bitcoin transferred the remaining 40,192 Bitcoin, valued at $4.77 billion, to Galaxy Digital.
Onchain data service for blockchain. One of the first to detect the new transfer was Onchain Lens.
This indicates that the whale has transferred $80,201 to Galaxy Digital over the past four days, equivalent to $9.6 billion at the current exchange rate.
According to Nansen’s blockchain intelligence platform, at least 6,000 BTC were transferred to cryptocurrency exchanges such as Binance and Bybit during this period.
Whale Might Be Making “Astonishing Profits”
Analytics service for blockchain. When the whale began moving holdings around for the first time in 14 years on July 4, Lookonchain became aware of it.
Most of its BTC has been accumulated in two deposits: 20,000 on April 2, 2011, and 60,009 on May 4, 2021.
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No one knows why the whale did it.
However, Kadan Stadelmann, chief technology officer of Komodo Platform, told Cointelegraph that they may have concluded it was time to “secure jaw-dropping profits.”
When BTC hit a new all-time high of slightly over $122,000 on Monday, the whales’ entire Bitcoin holdings were valued at almost $9.7 billion.
The whale may be planning to launch a new business or desire stability for their family.
Perhaps they will finance off-grid initiatives that fit Bitcoin’s emphasis on independence,” Stadelmann conjectured.
On the other hand, Stadelmann argues that considering “the original crypto-anarchist ethos,” the whale might have “mixed feelings” over Bitcoin’s growing institutional adoption, regulatory pressures, and incorporation into the conventional financial system.
Bitcoin May Not Be Offered For Sale
In the past, some of the whales’ deposits to Galaxy Digital were transferred to cryptocurrency exchanges, which led to rumors that a sell-off was imminent.
But according to Stadelmann, that doesn’t always imply the entire collection will be sold off.
The whale might be reevaluating their holding methods or doing “housekeeping toward a more secure wallet strategy.”
The whale might use its Bitcoin holdings to invest in a new business.
Additionally, they might be distributing BTC to smaller wallets by utilizing Galaxy as a middleman, according to Stadelmann.
In an X post on Thursday, pseudonymous cryptocurrency dealer Marty Party hinted that Galaxy Digital may have purchased the Bitcoin.
“In my opinion, they purchased all 80k, sold some, and will keep some, then used the money to grow their companies.
Well done. He declared, “The 80k is off the market.”
World’s Eleventh Richest Bitcoin Holder
BTC reached $120,000 on Sunday, making its creator, Satoshi Nakamoto, the eleventh richest person in the world.
Theoretically, Nakamoto ranks eleventh on Forbes’ list of the wealthiest billionaires since they are thought to possess 1.096 million BTC spread across thousands of wallets, valued at approximately $131 billion.