Satoshi Era Bitcoin Whale Transfers Over $1.1 Billion to Major Exchanges
A Bitcoin whale from the Satoshi era transferred more than $1.1 billion worth of Bitcoin to centralized exchanges through Galaxy Digital, according to Cointelegraph. The whale, who held 80,009 Bitcoin worth approximately $9.68 billion, had remained dormant since 2011 when Bitcoin traded at just 78 cents.
Lookonchain reported that Galaxy Digital moved over 10,000 BTC valued at about $1.18 billion to major cryptocurrency exchanges including Binance, Bybit, Bitstamp, Coinbase and OKX. The initial transfers occurred on July 15 and July 18, when the whale moved 40,000 Bitcoin in each transaction to Galaxy Digital.
The movement represents one of the largest single-holder transfers in recent Bitcoin history. The coins originated from wallets that received Bitcoin during the cryptocurrency's earliest operational years, when mining difficulty remained low and institutional participation was virtually nonexistent.
Market Impact Concerns and Price Resilience
Analysts have expressed mixed views about potential market consequences from the massive transfer. Jacob King, CEO of WhaleWire, suggested the movement could create substantial selling pressure. However, Bitfinex analysts told Cointelegraph that dormant whale movements have not consistently preceded major market corrections.
The transfers occurred alongside new regulatory requirements from the GENIUS Act, which establishes auditing standards for stablecoins. This timing has prompted speculation about whether the whale's actions reflect broader regulatory concerns or simply portfolio rebalancing after substantial price appreciation.
Bitcoin's price response has remained relatively muted compared to historical reactions to large whale movements. We previously covered how institutional adoption has fundamentally altered market dynamics throughout 2025, potentially explaining the market's improved capacity to absorb large transfers without extreme volatility.
EmberCN estimates approximately 12,000 BTC, worth $1.38 billion, remains to be sold from the original whale holdings. The analyst noted that current market liquidity should absorb the remaining portion without major price disruption, suggesting improved market depth compared to previous years.
Institutional Evolution and Market Structure Changes
The whale transfer occurs amid a broader transformation in Bitcoin ownership patterns and market structure. CoinDesk reported in April 2025 that entities holding over 10,000 BTC have increased their accumulation, with CryptoQuant data showing the highest Bitcoin outflows from exchanges in two years.
Ki Young Ju, founder of CryptoQuant, suggested the movement reflects a shift from retail-focused selling to institutional reallocation. His analysis indicates that old whales are selling to new long-term institutional holders rather than engaging in traditional market dumping. This pattern differs from previous cycles where whale sales typically targeted retail investors.
Amberdata analysis from Q1 2025 revealed that wallets holding 100-1000 BTC showed strong accumulation in January and February, while the largest whales reduced holdings during the same period. The data suggests institutional buyers are absorbing supply from early adopters in a gradual transfer of ownership.
The emergence of Bitcoin ETFs and increased corporate treasury adoption has created deeper liquidity pools for large transactions. Strategy and other corporate buyers have established regular purchase programs that provide consistent demand for Bitcoin supply, potentially explaining the market's resilience to large whale movements in 2025.
