A significant milestone in the cryptocurrency industry has been reached with the absorption of 80,000 Bitcoins from the Satoshi era, valued at approximately $9 billion. This transaction stands out as one of the largest in cryptocurrency history.
According to blockchain data, an early Bitcoin investor successfully sold 80,000 BTC through Galaxy Digital, a company specializing in large-volume cryptocurrency transactions. In a public statement, Galaxy Digital emphasized the importance of this transaction, although the identity of the seller remains undisclosed. The firm noted that the sale is part of a strategy to expand its investments in real estate.
The announcement came amid a volatile trading period for Bitcoin, with prices dropping below $115,000 on July 25. Prior to the formal announcement, data from Lookonchain indicated that Galaxy Digital was involved in several significant transactions throughout the day. Most of the Bitcoin was moved directly to exchanges for market sale.
The transaction is linked to a “Bitcoin whale wallet” that became active on July 15 and is currently recognized as the largest cryptocurrency wallet, holding 80,000 BTC. This wallet has been transferring Bitcoin to Galaxy Digital’s account in preparation for liquidation.
Market analysts had anticipated that such a massive sale could lead to a significant drop in Bitcoin’s price. However, over the past week, Bitcoin has shown resilience, with prices fluctuating but stabilizing around the $118,000 range as of July 29.
Notably, all 80,000 Bitcoins were successfully integrated into the market without causing major price fluctuations. Joe Consorti, Chief Growth Officer at Theya, a Bitcoin custody infrastructure company, remarked on social media that despite the substantial sale, Bitcoin prices remained stable.
The identity of the owner behind the substantial holdings, now worth nearly $10 billion, remains unknown. Coinbase analyst Conor Grogan speculates that the holder may be a miner active since 2011, and the means by which they have retained their assets during periods of high volatility is still unclear.
Analysts interpret the smooth market absorption of such a large Bitcoin supply as a sign of the digital asset’s growing maturity and stability. Bitcoin is increasingly viewed not just as a speculative asset but as a desirable safe haven. Traditional financial institutions are expanding their investment portfolios to include Bitcoin, and some countries are establishing strategic reserves in the cryptocurrency.
Since early July, Bitcoin has been reaching new price peaks, breaking its previous all-time high. Just two weeks prior, Bitcoin hit a record price of $123,000 on July 14. Forecasts suggest that Bitcoin could climb to $140,000 this year as new regulatory developments concerning digital assets emerge in the US and other major economies.
Proposed legislation seeks to provide clarity regarding the issuance, custody, and infrastructure of stablecoins. Should these bills be enacted, analysts predict that Bitcoin may attain new peaks, potentially prompting “whales” to divest their holdings after extended periods of accumulation.
