A wallet from Bitcoin’s early days moved 20,000 BTC worth roughly $2.34 billion to Galaxy Digital between late evening July 14 and morning July 15, according to blockchain analytics provider Arkham.
The address started off by sending 4,500 BTC to Galaxy Digital at 9:42 PM ET on July 14 and continued to send a few thousand BTC at a time over the next few hours. It then moved 3,157 BTC by 1:29 AM ET on July 15. In total, the wallet owner moved 20,000 BTC to wallets believed to be associated with Galaxy Digital.
Read More: The boring truth about the 80,000 bitcoin move
On-chain analysts believe the owner is taking profit, seeing that BTC reached a new all-time high of $123,000 on Monday.
This particular bitcoin whale is believed to have held more than 80,000 BTC, making the recent transfer only about 25% of its total stash.
Large transfers from ancient wallets typically add selling pressure to the Bitcoin market, particularly when moved to over-the-counter (OTC) desks or exchange wallets. Bitcoin’s price dropped below $117,000 Tuesday morning, a 4.5% slide from its peak.
Photo by Todd Cravens on Unsplash
