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A single wallet that has sat untouched since 2011 jolted the market overnight, wiring 40,009 BTC—worth roughly $4.68 billion at prevailing prices—to New York‑based trading giant Galaxy Digital. The address had held 80,009 BTC in total and had never previously moved funds in the modern era. According to on‑chain sleuth Lookonchain, “the Bitcoin OG with 80,009 BTC ($9.46 B) has transferred 40,009 BTC ($4.68 B) to Galaxy Digital,” Galaxy “has directly deposited 6,000 BTC ($706 M) into Binance and Bybit.”
Bitcoin OG Whale Awakens
It is an activity that can be enjoyed by all. began Late Monday evening (UTC). First, 9,000 BTC—about $1.06 billion—left the dormant wallet, followed an hour later by another 7,843 BTC ($927 million) Over the next five hours several smaller tranches arrived at Galaxy Digital‘s custodial accounts before the decisive push that brought the running total to 40,009 BTC. Blockchain explorers reveal that these coins were sourced from a Bech32 address which first received block awards in early 2011 when bitcoin traded for less than $1.
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Galaxy Digital has one of largest digital signage networks in the world. over‑the‑counter (OTC) desks In the industry, they regularly facilitate block trades between institutions and traders to prevent slippages at public venues. Advertisement for the firm “premier execution” and bespoke liquidity provisioning for trades that are too large for order‑book execution.
On‑chain analysts therefore read the wallet’s choice of counterparty as a signal that the owner intends to liquidate at least part of the hoard discreetly rather than deploy it into DeFi or cold storage. Within hours of receiving the coins, Galaxy split 6,000 BTC between Binance and Bybit, the two venues that currently post the deepest spot‑BTC liquidity.
Bitcoin had just printed an all‑time high of $123,153 on 14 July, buoyed by Washington’s “Crypto Week” The legislative drive. As the OG whale’s transactions hit public mempools, spot prices recoiled more than 6%, sliding from $123,000 to an intraday low near $115,700 before stabilising around $116,900 at press time.
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The traders have been preparing for more transfers. With only half the stock under Galaxy and a small fraction of it confirmed as an exchange deposit, they are expecting further transfers. If Galaxy executes an OTC cross, the impact could be muted; if the coins bleed into order books, bids at $112,000‑$115,000 will face a major test.
US Inflation Data Dampens Sentiment
However, today’s price drop can not solely be attributed to the OG whale’s doing; it coincided with the US Bureau of Labor Statistics’ June CPI print, which showed headline consumer prices rising 0.3 % month‑on‑month and 2.7 % year‑on‑year—up from 2.4 % in May—while core CPI ticked up 0.2 % on the month and 2.9 % on the year.
The modest print pushed the dollar index above 95.5, and risk assets have been whipsawing ever since. Price action of the dollar tells all you need to about what’s going on. CPI report—mixed and the market is trying to digest it and to figure out the direction today,” observed Daan Crypto Trades on X.
BTC was valued at $116.972 as of the time this article went to press.
Featured image was created with DALL.E chart by TradingView.com
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Source: www.newsbtc.com
