Key Takeaways
- On July 15, BTC addresses that had been dormant for over 14 years became active.
- The anonymous Bitcoin whale sent 20,000 BTC to Galaxy Digital.
- Following the deposit, they still have 60,000 BTC in private wallets.
Six Bitcoin whale addresses that were dormant for around 14 years have awoken, transferring their 80,000 BTC stash to two new wallets.
One address then sent 20,000 BTC worth more than $2.3 billion to Galaxy Digital, indicating that they intend to sell the long-hoarded crypto.
A Whale Awakens
Before the latest transactions, the last time any of the whale addresses were active was May 2011, when BTC was trading at around $6.30.
As of July 15, after briefly topping out at over $122,000, each Bitcoin is worth around $117,000.
At that price, 80,000 BTC is valued at over $9.3 billion.
Long-time Holders Cash Out Billions
While the Galaxy depositor is an extreme example, longtime BTC holders, including early miners, offshore funds, and anonymous whale wallets, have increasingly moved to cash out their BTC hoards this cycle.
In the year to July, whales sold more than 500,000 BTC, with many reportedly reallocating their wealth to private equity.
Meanwhile, institutional accumulation has surged.
Institutions Are the New Bitcoin Whales
Between crypto exchanges, Bitcoin treasury companies, government stockpiles, exchange-traded funds, and other Bitcoin-based investment vehicles, institutions now control a sizable portion of the total BTC supply.
- Source: Gemini Bitcoin Adoption Report
Research by Gemini found that just 216 entities hold 31% of all Bitcoin in circulation. Of that, exchanges hold the most, followed by investment funds, private companies, and governments.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
