Galaxy Digital Executes $9 Billion Bitcoin Sale for Satoshi-Era Whale

Galaxy Digital, led by CEO Mike Novogratz, executed a sale of over 80,000 Bitcoin for a Satoshi-era investor. The coins were from wallets inactive since 2011, forming part of the seller’s estate planning strategy.

As the primary institution, Galaxy Digital managed this transaction, reportedly one of the largest notional Bitcoin transactions in history. This sale represents a planned exit from the digital asset market, impacting Bitcoin liquidity and price.

“BTC could reach $150,000 this year. Still, … Ether could outperform Bitcoin in the next three to six months.” — Mike Novogratz, CEO, Galaxy Digital

The transaction resulted in a 3% drop in Bitcoin’s price, with major flows observed in USDT. Some analysts suggest this move signals a potential shift towards Ethereum, following institutional rotation patterns.

Speculation surrounds possible further allocation to Ethereum and the potential effect on stablecoin markets. Historical trends suggest such whale offloads typically lead to volatility, but the precise impacts remain uncertain at this stage.

Historically, large BTC transactions have caused short-term market fluctuations, comparable to previous whale sales involving dormant wallets. Analysts observe that while such activities are rare, they often lead to increased market speculation.

Experts from Kanalcoin highlight potential broader market impacts. The scale and timing suggest a strategic move, aligning with historical behavior of similar asset reallocations, hinting at upcoming market shifts toward Ethereum and DeFi tokens.