A long-inactive Bitcoin whale from the Satoshi era has transferred over $1.1 billion worth of BTC to centralized exchanges in recent hours, sparking fears of a potential market correction amid a typically low-liquidity weekend.
Dormant since 2011, the whale — a major early Bitcoin holder — made headlines after moving 40,000 BTC (worth more than $4.6 billion) on July 15, followed by another 40,000 BTC transfer on July 18 to Galaxy Digital, as previously reported by Cointelegraph.
Blockchain analytics platform Lookonchain now reports that Galaxy Digital has moved more than 10,000 BTC — valued at roughly $1.18 billion — to top exchanges, including Binance, Bybit, Bitstamp, Coinbase, and OKX.
“The 10,000+ BTC originates from the Bitcoin OG holding 80,009 BTC (around $9.68B),” Lookonchain stated on X.
The whale’s multibillion-dollar transfers—coupled with new auditing requirements introduced under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act—have raised alarms among market observers about a potential Bitcoin price correction.
“That alone will burst the biggest bubble and fraud in financial history: Bitcoin. It’s entirely propped up by fake money printed out of thin air,” said Jacob King, financial analyst and CEO of WhaleWire, in a July 18 post on X.
However, analysts at the Bitfinex exchange offered a more tempered view, noting that “historically, dormant whale movements have not consistently triggered major market corrections.”
“This whale movement, although eye-catching, should not overshadow the constructive momentum the crypto industry is gaining on the regulatory front.”
According to the analysts, long-term whales “re-engaging with the network” could indicate a broader shift toward “readiness for the next institutional cycle,” rather than signaling a bearish turn.
Whale’s sale may be absorbed
Despite worries about a broader market correction, some industry observers believe the $9.6 billion Bitcoin sale could be fully absorbed by the crypto market.
On-chain analyst EmberCN noted on X that approximately 12,000 BTC — worth around $1.38 billion — are still left to be sold. He suggested the whale is likely offloading the remaining assets through a mix of over-the-counter (OTC) deals and secondary market transactions.
“This means that the [80,000 BTC ancient whale] likely has about 12,000 BTC ($1.38 billion) yet to be sold, and with the current market liquidity, absorbing the remaining portion of these coins should not have a significant impact.”
Some analysts interpret the recent whale activity as a sign of a fundamental shift in the crypto market’s structure.
According to Ki Young Ju, founder and CEO of blockchain analytics firm CryptoQuant, the latest movements indicate that the “Bitcoin cycle theory is dead.”
“In the last cycle, whales sold to retail investors. This time, old whales are selling to new long-term whales,” Ju said in a post on X Friday, adding:
“Institutional adoption is bigger than we thought. Trading feels pointless. Holders now outnumber traders.”
Other crypto analysts have highlighted the launch of U.S. Bitcoin exchange-traded funds (ETFs) and rising institutional involvement as key factors disrupting the traditional four-year Bitcoin cycle theory.
Vugar Usi Zade, chief operating officer at Bitget exchange, noted that increasing investments from major players like Strategy, Tether, and Metaplanet could accelerate Bitcoin’s usual cycle and potentially drive it to new all-time highs.
