Galaxy, an institutional crypto firm, announced the sale of over 80,000 Bitcoin—valued at roughly $9.3 billion—on behalf of a long-term investor, commonly referred to as a Bitcoin whale. This sale is noted to be one of the most significant transactions in the history of cryptocurrency, marking a major exit from the market by an early Bitcoin holder who had not engaged with these coins for 14 years. Analysts are puzzled by the sudden movement of these coins, as the whale moved them from their wallet, believed to be linked to the now-defunct MyBitcoin.com, to Galaxy's addresses. Despite the massive transaction, Bitcoin's price saw minimal movement, dipping slightly by about 1% and stabilizing around $117,274, suggesting markets may have anticipated this sale. The activity underscores the complexities of whale movements in the crypto space and their potential impact on market dynamics.

Source 🔗