A $9.6 billion Bitcoin transfer by a Satoshi-era whale and the stablecoin audit requirements imposed by the GENIUS Act are sparking correction concerns among some industry watchers .
According to Cointelegraph, a long-dormant Bitcoin whale from the Satoshi era, holding an immense 80,201 BTC, has completed the transfer of their entire stack, valued at approximately $9.6 billion at current prices, to Galaxy Digital . The latest transfer on Thursday saw 40,192 Bitcoin, worth $4.77 billion, moved to the asset manager, following an initial transfer of 40,009 BTC on Tuesday .
Concurrently, the US House of Representatives passed the GENIUS Act, which establishes a regulatory framework for stablecoins . This act aims to establish guidelines for banks and other entities that issue stablecoins, and safeguards for stablecoin holders . The GENIUS Act passed in a bipartisan vote of 308 to 122, and now heads to President Trump's desk for signature .
Matt Mena, crypto research strategist at 21Shares, stated that a prolonged correction is increasingly unlikely, citing the structural imbalance between surging demand and a rapidly vanishing supply base . However, he cautioned that a reversal can't be ruled out entirely, flagging macro risks that could weigh on the crypto market .
Meanwhile, Bitcoin's anonymous creator, Satoshi Nakamoto, has theoretically climbed to become the 11th richest person in the world after Bitcoin surpassed $120,000 . Nakamoto is widely believed to hold approximately 1.096 million Bitcoin across thousands of wallets, an untouched fortune now valued at over $131 billion .