Quick Summary (TLDR)
The dormant Bitcoin Zilla wallet from the Satoshi era, created in 2011, is offloaded. So far, around 61,697 BTC (~$7.22 billion) has been sent to exchange, raising concerns about market corrections. However, analysts argue that the absorption of the system and changing market dynamics are preventing a major recession. This move implies a deeper market shift as the traditional four-year BTC cycle becomes weaker amid increasing institutional advantage.
Key Points:
1. The origin of whale wallets: Originally created in 2011, I bought 80,201 BTC for $54,000.
2. Current review: 30K BTC moved on Friday alone, worth $9.36 billion.
3. Relocation breakdown:61,697 BTC (~$7.2 billion) has moved to exchanges for Binance, Coinbase, OKX and more.
4. Remaining possession: Galaxy Digital still holds 18,504 BTC ($21.4 billion). 12,000 BTC not yet sold.
5. Market reaction: Analyst split – some warning about revisions, others cite institutional absorption.
6. Regulation background: This move may be related to audits under the newly passed Genius Act.
7. Destruction of the cycle: Experts suggest that the traditional four-year Bitcoin price cycle has been replaced by institutional holding patterns.
8. A huge ROI: Whale profits have exceeded 2,400,000% over 14 years.
The long-term Satoshi-era Bitcoin whale wallet appears to have moved 30,000 BTC to a centralized exchange on Friday, according to data sourced by blockchain analytics firm Arkham Intelligence.
The wallet, created in 2011, is worth $9.36 billion in the process of liquidating its entire holdings of 80,201 BTC, and is outsourced to digital asset management company Galaxy Digital. The stack was originally purchased over 14 years ago for just $54,000.
Satoshi-era Whale Wallet, purchased for $54,000 in 2011, will send $9.3 billion in Bitcoin in exchange.
Whales, or large investors, first moved 40,010 BTC ($4.6 billion) to exchange on July 15th, followed by a second transaction three days later when Bitcoin reached an all-time high of $122,838.
Analytics Firm Lookonchain said early on Friday, Galaxy Digital moved $2.6 billion worth of 22,610 BTC to major intensive crypto exchanges, including Binance, Bybit, Bitstamp, Coinbase and OKX, followed by several small deposits. The latest flow suggests that approximately 61,697 BTC ($7.2 billion) is currently being deposited on the exchange from the whale’s original holdings.
Looksonchain reported that Galaxy Digital has withdrawn its USDT of approximately $1.15 billion from its post-sale exchange and is now maintaining 18,504 BTC worth approximately $2.14 billion from its whale holdings.
Analyst Embercn said in an X post that around 12,000 BTC (valued by $1.38 billion) was on sale. He noted that whales are dropping their assets through a combination of over-the-counter (OTC) and secondary market sales.
Critics raise market corrections and regulatory concerns about whale activity, but crypto analysts reject the claim
The massive liquidation has raised concerns about the possibility of a market correction amid the low weekend, and observers suggest that nearly $10 billion in Bitcoin Transfer can be linked to audit requirements conducted under the recently passed guide, allowing national innovations in US stability.
Whaling CEO and financial analyst Jacob King, in a post from X, says that whales dumping activities alone will “destroy the biggest bubbles and fraud in financial history: Bitcoin,” calling the pinnacle cryptocurrency “fake money printed from the thin air.” His comments, which came a day after US lawmakers passed three important cryptocurrency bills, also predicted an imminent price adjustment for Bitcoin.
Just: Another $1,000,000,000 tether has just been removed from the thin air, injected into Bitcoin and floating it. pic.twitter.com/ewshws2b19
– Jacob King (@jacobkinge) July 24, 2025
Meanwhile, analysts at Bitfinex Exchange dismissed claims for price correction, saying that historically the dormant whales have not consistently preceded a significant market correction and that this particular transaction “doesn’t overshadow the constructive momentum the industry is gaining on the regulatory side. They added that long-term whales “re-involve” in the network could indicate a market change towards the next institutional cycle rather than a bearish pivot.
Nicolai Sondergaard, research analyst at Crypto Intelligence Platform Nansen, is the concept that despite initial concerns, long-term whales may not be too concerned about the crypto bill signed into law by President Donald Trump. He said that even without the prospect of regulatory action, whales have been holding coins for years, reaching incredible wealth and wanting to use it for profit.
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Institutional adoption broke the four-year Bitcoin price cycle
The $9.6 billion sale is believed to have been absorbed into the market, reducing the possibility of price adjustments. Embercn said that, given current market liquidity, the remaining 12,000 BTC could also be absorbed without a major impact on the market.
Industry experts also suggest that whale transfers reflect deeper changes in crypto market structure. Ki Young Ju, founder and CEO of Blockchain Analytics Firm Cryptoquant, declared that Bitcoin Cycle theory is “dead,” highlighting that during the previous cycle, whales were selling to retailers and now selling to new long-term whales, the institutional owner. He adds that institutional adoptions are “larger than we thought,” and traders find it “meaningless” as the number of holders is high.
Others pointed out the launch of the spot Bitcoin Exchange Trading Fund (ETF) And the expansion of the adoption of the Ministry of Corporate Finance has led to the confusion of the traditional four-year theory of Bitcoin cycle. Vugar Usi Zade, Chief Operating Officer of Bitget Exchange, recently noted that increasing Bitcoin investments from institutions from companies such as Strategy (previously MicroStrategy), Tether and Metaplanet could accelerate the traditional price cycle of Alpha Cryptocurrency, which targets new price peaks every four years.
Satoshi-Era Whale has recognized a profit of 2,400,000% with 80,201 BTC holdings over 14 years. When they first began to hold it in 2011, Bitcoin was trading for under $30.
At the time of writing, Bitcoin (BTC) is trading at $116,464, a 1.68% decrease in the last 24 hours.
