- A Bitcoin wallet dormant since 2011 moved $4.7 billion in BTC to Galaxy Digital on Monday evening.
- 6,000 BTC worth $706 million was subsequently moved to Binance and Bybit exchanges.
- The wallet’s owner remains unknown and still holds another 40,000 BTC in private storage.
- Analysts say such moves do not always mean an immediate sell-off is coming.
- This event is part of a recent trend of large, long-inactive Bitcoin holders moving coins as prices reach highs.
A Bitcoin wallet that had not been active since 2011 transferred around $4.7 billion worth of Bitcoin to the exchange Galaxy Digital on Monday evening. The transactions started at 9:34 p.m. Eastern Time and occurred in eight separate transfers. The identity behind the wallet is unknown.
Blockchain analysts, including OnchainLens and Nansen, tracked the movement, reporting that $706 million in Bitcoin was later moved to the centralized exchanges Binance and Bybit. These transfers may indicate an intention to sell or consolidate funds for future transactions.
Data from wallet tracker Arkham Intelligence confirmed these transfers, noting the largest single transaction exceeded $500 million. According to OnchainLens, the wallet had not moved any coins since the so-called “Satoshi Era,” which refers to Bitcoin’s early years.
Rajiv Sawhney, head of international portfolio management at Wave Digital Assets International, told Decrypt that moving assets to a centralized exchange can sometimes be used to conceal intentions rather than to trigger an immediate sale. “Some participants prefer moving to a CEX because the wallet activity then becomes opaque within the omnibus account of the exchange,” he said. Centralized exchanges (CEXs) allow large holders to make private deals, often with market makers, minimizing public impact.
Sawhney explained that such activity could make it easier for big investors to offload large amounts of Bitcoin quietly during volatile price periods. Galaxy Digital also provides services to help with such market-maker actions.
This movement follows a period of increased activity by dormant Bitcoin holders. On July 4, an unknown Bitcoin holder transferred $8 billion in a major movement of coins unused for a decade. The latest transfer represents approximately half of the original wallet’s holdings, with another 40,000 BTC still held privately.
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