TL;DR
- A Bitcoin wallet dormant since 2011 woke up on July 4, moving 80,000 BTC in the largest on-chain event of the year.
- The whale funneled 20,000 BTC (about $2.3 billion) to Galaxy Digital’s OTC desk in staggered batches to avoid slippage and market attention.
- Identity theories range from early miners to Satoshi himself, while Bitcoin briefly topped $123,000 and half the stash remains untouched.
A long-dormant Bitcoin wallet first active in 2011 sprang back to life on July 4, transferring a colossal 80,000 BTC after 14 years of silence. Analysts immediately flagged the transfers as belonging to one of the original Bitcoin whales, sparking a flurry of speculation about the identity and motives of the entity behind the century-old private keys.
What began as a simple shift from legacy addresses quickly turned into the biggest on-chain event of the year, setting the stage for even larger market tremors.
High-Stakes Transfer to Galaxy Digital
In the pre-dawn hours of Tuesday, on-chain data revealed one of the whale’s “bc1qq” addresses routing 20,000 BTC, roughly $2.3 billion, to Galaxy Digital via over-the-counter (OTC) services. Between 1:42 a.m. and 5:29 a.m. UTC, the whale broke transfers into batches of 500 to 4,500 BTC, ensuring minimal slippage and maximum privacy.
The Satoshi-era whale has further deposited 9,343 $BTC ($1.1B), into #GalaxyDigital.
In total, this Bitcoin OG has transferred 18,343 $BTC ($2.15B) from 2 of its wallets.
The OG now holds 61,666 $BTC, currently valued at $7.24B.
Addresses:
— Onchain Lens (@OnchainLens) July 15, 2025
Galaxy Digital’s bespoke OTC desk offers institutional clients a discreet alternative to public exchanges, allowing mega-traders to unwind positions without triggering price spikes or drawing unwanted attention.
Who’s Behind the Satoshi-Era Wallet?
The 14-year hiatus has invited wild theories. Some point to early adopters like Roger Ver, while others jokingly suggest the CIA or even Satoshi Nakamoto themselves. Blockchain sleuths at Arkham later cautioned that the initial July 4 movements could be legacy-address upgrades rather than outright selling.
A Coinbase veteran speculated the stash might originate from a miner who tapped alongside Nakamoto in Bitcoin’s infancy. This latest cash-out, however, leaves little doubt that the whale is now capitalizing on today’s record highs.
Market Ripples and Strategic Implications
On Monday, Bitcoin briefly rose above $123,000 before settling around $117,800, reflecting ongoing institutional interest and positive expectations for U.S. crypto regulations. By choosing a trusted OTC partner, the whale sidestepped exchange order books and protected itself from sudden market swings.
With half of its recent haul still in aged wallets, eyes are fixed on whether further dumps await or if this singular spectacle marks the climax of the oldest Bitcoin fortune unlocking its value.
