A long-dormant Bitcoin whale from the Satoshi era has transferred more than $1.1 billion worth of Bitcoin to centralized exchanges in recent hours, raising concerns of a possible market correction during a typically low-liquidity weekend . According to Cointelegraph, Galaxy Digital sent another $1.1 billion to crypto exchanges, signaling more selling pressure .
After holding their stash since 2011, the Satoshi-era whale, or large cryptocurrency investor, first transferred 40,000 Bitcoin worth over $4.6 billion on July 15, followed by a second transaction of 40,000 BTC on July 18 to Galaxy Digital . According to blockchain intelligence platform Lookonchain, Galaxy Digital has since moved more than 10,000 BTC — worth approximately $1.18 billion — to major crypto exchanges, including Binance, Bybit, Bitstamp, Coinbase and OKX .
The transfer comes after Galaxy Digital received over 80,000 Bitcoin from a Satoshi-era whale who had not accessed the funds for 14 years . The dormant Bitcoin addresses were reactivated earlier this month, initiating the movement of all coins during a period when Bitcoin reached new all-time highs above $122,000 . Bitcoin's price declined from above $119,000 to below $116,000 late Thursday . The digital asset is currently trading at around $115,800, representing a 2% decrease over the past 24 hours .
The movement of such a large, previously inactive supply has raised concerns about short-term market dynamics . Analysts note that the whale's actions near record highs signal potential profit-taking, which could encourage other holders to follow suit . The timing—during a period of heightened volatility—has amplified caution among traders . With over $7.1 billion in Bitcoin now available for sale, the balance between buyer demand and this sudden surge in supply will be critical in determining the asset's near-term trajectory .
However, some analysts believe that the market can absorb the sale without significant impact . Despite concerns over a wider correction, some industry watchers believe that whale movements have not consistently preceded significant market corrections .