Historic Bitcoin Whale Moves $1.1B to Exchanges, Stoking Selloff Fears

A decades-old Bitcoin (BTC USD) address broke its silence this week and dumped another $1.1 billion of BTC onto exchanges, rattling markets ahead of the weekend.

The Satoshi-era wallet, holding about 80,000 BTC (roughly $9.7 billion), sent 40,000 coins to Galaxy Digital on July 15 and 40,000 more on July 18.

In the past 24 hours, blockchain data shows Galaxy has moved over 10,000 BTC (about $1.18B) into top trading venues – Binance, Bybit, Bitstamp, Coinbase and OKX.

Analysts warn such a large sale in a low-liquidity period could spark a price dip as Bitcoin hovers near all-time highs.

Satoshi-era Whale Awakens

This “whale” wallet lay dormant since 2011. It held onto its coins through past bull runs. Now it is selling.

Lookonchain, a blockchain intelligence tracker, confirmed the wallet contained 80,009 BTC (about $9.68B) and that more than 10,000 BTC have been sent to exchanges for sale.

The timing – just before a weekend – has fueled concern. Crypto traders note markets are thinner on weekends, so big orders can move prices more easily.

Reports show earlier in July the whale also moved 10,000 BTC on July 4, 2025, and later two blocks of 40,000 BTC. Those larger transfers went to Galaxy Digital, a crypto merchant bank.

Within hours, Galaxy redistributed 6,000 BTC among Binance and Bybit to access liquidity. The recent $1.1B move is part of this sequence.

On-chain analyst EmberCN noted roughly 12,000 BTC ($1.38B) of the stash still await sale, likely via OTC deals.

Blockchain explorers show Galaxy Digital sending coins in tranches to exchanges. Lookonchain’s July 25 post states the funds reached five major platforms.

In total, Galaxy has already deposited around $1.18B of BTC from this whale into trading markets. If the remaining 12,000 BTC also go to exchanges, that could be another $1.4B flooding the market.

Exchanges themselves are watching. Half of the whale’s 80,000-BTC hoard is now under Galaxy’s control, and traders are bracing for more transfers.

The warning: if those coins enter order books at once, bids near $112,000–$115,000 could be severely tested. However, if Galaxy handles most sales OTC, the effect may be muted, as EmberCN suggested.

Bitcoin (BTC USD) Price Slides; Market Context

Bitcoin (BTC USD) has been trading just under its July record. It hit $123,153 on July 14, then slid about 6% to roughly $115,700 by July 24. As of July 25, BTC changed hands around $115,956, down 2.6% in 24 hours.

The drop comes amid mixed macro news. U.S. inflation data on Thursday proved hotter than expected, briefly boosting the dollar and shaking risk assets.

Crypto liquidation trackers show hundreds of millions of dollars wiped out in leveraged positions as traders were stopped out around the $115K level.

Still, the timing of the whale sale drew attention. Analysts note the move occurred on low trading volume, magnifying its impact.

A Binance blog this week noted crypto prices often dip on Fridays as traders take profits. The combination of a major seller and regular weekend thinness has many bracing for a test of support.

Industry voices are split on the implications. Bitfinex analysts cautioned not to overreact. In a Cointelegraph report they noted that dormant whale transfers “have not consistently preceded significant market corrections.”

They wrote that this “eye-catching” move “should not overshadow the constructive momentum the crypto industry is gaining on the regulatory front.”

In other words, new ETF inflows and policy advances may matter more than one whale’s sales.

On-chain specialist EmberCN (on Twitter/X) echoed that view. He calculated roughly 12,000 BTC ($1.38B) remaining and said with today’s liquidity “absorbing the remaining portion…should not have a significant impact”.

CryptoQuant’s founder Ki Young Ju saw a broader trend. He noted that unlike past cycles when whales sold into a sea of retail buyers, “this time, old whales sell to new long-term whales.”

Ju wrote that institutional players now dominate, adding “institutional adoption is bigger than we thought. Trading feels pointless. Holders now outnumber traders.”

His point: even if a whale dumps coins, it may be fellow whales or institutions taking them off the market, not panic-selling by small investors.

Bitcoin Future Outlook

Not everyone is sanguine. Jacob King, CEO of analysis firm WhaleWire, tweeted on July 18 that the sale would “burst the biggest bubble and fraud in financial history: Bitcoin”.

King’s alarmist take underscores skeptic sentiment, though it stands apart from the more measured voices above.

For now, Bitcoin (BTC USD) sits near $116K as traders eye support levels. If further whale sales hit order books, analysts warn bids in the $112K–$115K range could be pressured.

If those sales happen OTC, the public markets might largely sidestep the hit. Investors say fundamentals still drive mid-term trends.

Many see stronger influence from spot ETF inflows and US regulations than from any single trade.

Still, with about $1.38B worth of BTC potentially coming to market, the weekend could see extra volatility. Traders will watch whether Bitcoin can hold key supports.

If Bitcoin (BTC USD) breaks decisively below $115K, the move may validate the worries. If it steadies or rebounds, analysts will point to the larger bullish backdrop.