$4.7 Billion Bitcoin Transfer: 14-Year-Old Wallet Re-Enters Market

A Bitcoin wallet previously dormant since the “Satoshi Era” (around 2011) initiated a series of transactions starting Monday night (EST). Over eight separate transfers, beginning at 9:34 p.m. EST, the owner moved a total of 40,009 BTC, equivalent to approximately $4.7 billion at current prices.

The wallet, known for its extended inactivity, remains anonymous and retains another 40,000 BTC (valued at roughly $1.83 billion) in private storage.

• Initial destination was the exchange Galaxy Digital.
• $706 million (approx. 6,000 BTC) was later moved to the larger exchanges Binance and Bybit.
• The earliest identified movement dates back to 2011.

Analysts monitoring the blockchain suggested the transfer to Binance and Bybit might prepare for selling. Centralized exchanges offer a layer of anonymity compared to public blockchains.

Rajiv Sawhney, head of international portfolio management at Wave Digital Assets International, offers a different interpretation. He told Decrypt that moving funds to exchanges, particularly like Galaxy Digital, can serve strategic purposes.

“Some participants prefer moving to a CEX because the wallet activity then becomes opaque within the omnibus account of the exchange. This allows negotiation with market makers for managing large holdings without immediate public scrutiny.”

Their reasoning?: Large holders might aim to safeguard their assets or prepare for potential exits without triggering significant market movements.

Currently, Bitcoin has been trading near its all-time high, suggesting a strong bull run that hasn’t offered a cheap exit for long-term holders.

The activity exemplifies a trend observed in recent weeks: wallet holders from years past initiating major transfers. For instance, as previously reported, a “largest daily” transfer of $8 billion was recorded on July 4th.

This historical movement and the recent displacement align with the narrative of sustained high Bitcoin prices bringing even crypted-whales back into potential selling ranges, albeit often obscured by the choice of transfer destination.