Old Bitcoin Whale Transfers 9,000 BTC to Galaxy Digital — Is the Rally at Risk?

Highlights:

• Whale sent 9,000 Bitcoin to Galaxy, and the price dropped below $118K.
• Galaxy Digital sends 2,000 BTC to exchanges, fueling speculation of strategic selling.
• This recent transaction took place as Bitcoin reached a record high of $123K on Monday.

On Monday night, Bitcoin dropped from over $119,000 to nearly $117,600 after an old whale wallet sent 9,000 BTC, worth more than $1 billion, to Galaxy Digital. Blockchain tracking platform Spot On Chain was the first to report the transfers. LookonChain data shows that Galaxy Digital has started sending some of the Bitcoin to exchanges. So far, 2,000 BTC, worth about $236 million, has gone to platforms like Binance and Bybit.

Blockchain analytics platform Onchain Lens confirmed that the sender address is tied to the whale who recently moved over 80,000 BTC after 14 years of inactivity. “This marks the first cash-out in his BTC history,” Onchain Lens wrote. Even after moving the funds, the wallet still holds about 11,000 BTC, valued at around $1.3 billion.

🚨The whale just moved 8.5K $BTC (~$1B) to Galaxy Digital 15 minutes ago. It is likely an OTC deal.

This is his first cash-out in 14.3 years.

Wallet Link: https://t.co/7ZhXS8WXu8 https://t.co/UyEH6eMJxq pic.twitter.com/Mf3jfeQdUj

— Spot On Chain (@spotonchain) July 15, 2025

Bitcoin Whale Moves Huge BTC Stack After Years of Inactivity

A very old Bitcoin wallet suddenly became active again on July 4 and started moving 80,000 BTC through several transactions. Some experts, like Conor Grogan from Coinbase, believe that the reason for this sudden activity could be that the wallet’s private keys were possibly stolen or compromised.

There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys

I found a single BCH test transaction from one of the BTC whale clusters 14 hours ago, followed by the full amount. An hour later, the BTC wallets began to move (1/3) pic.twitter.com/VzRnaUyIG7

— Conor (@jconorgrogan) July 4, 2025

Meanwhile, OnChainSchool reported that the wallet has already sold 20,000 BTC, worth about $2.33 billion. This shows that the wallet is not just moving coins around for safety or upgrades, but is likely selling them on purpose to take profit. This kind of planned selling is known as a “strategic liquidation.” So far, they have only sold a portion of the 80,000 BTC. Many investors are wondering if more selling pressure is still to come.

Whale Sells Bitcoin as Price Rises

The decision to sell now could be a strategic move to benefit from Bitcoin’s recent price surge. Using a major firm like Galaxy Digital suggests a planned and institutional-level approach. Earlier on Monday, Bitcoin climbed above $123,000, driven by strong interest from institutional investors and optimism surrounding upcoming crypto regulations in the U.S. However, the price later pulled back, falling to $117,114, reflecting a 3.95% drop in the past 24 hours, according to CoinMarketCap.

Despite this, new investors entering the Bitcoin market seem largely unfazed by short-term price dips. They continue to steadily accumulate BTC, creating consistent buying pressure. Bitfinex analysts, in a Monday market update, noted that these buyer groups are now adding about 19,300 BTC each month. This rate has surpassed the current Bitcoin supply being produced by miners after the recent halving.

Analysts view this strong accumulation trend as a bullish sign for Bitcoin’s long-term price outlook, even amid recent whale activity. Analysts observed that smaller Bitcoin holders—classified as Shrimp (less than 1 BTC), Crab (1 to 10 BTC), and Fish (10 to 100 BTC)—are rapidly growing their holdings.