An OG Bitcoin whale from the Satoshi era just moved $4.77B in BTC to a new wallet.
The same whale previously transferred $4.75B in BTC to Galaxy Digital, which sent some BTC to exchanges.
This Bitcoin whale had been dormant for over 14 years, with holdings originating from 2011.
A smaller whale also moved over $123M in BTC after 6 years of inactivity.
Major Bitcoin holders like Satoshi Nakamoto, Tim Draper, and Michael Saylor continue to HODL.
Blockchain analytics firm Lookonchain first identified the wallet on July 4th, noting that it had received Bitcoin back in 2011, before going silent for over 14 years.
Source: X (@lookonchain)
The whale is considered an “OG” because it dates back to the Satoshi era, when Bitcoin was still in its infancy.
According to Lookonchain, this Bitcoin whale controlled eight wallets in total, accumulating more than 80,000 BTC between April and May 2011, back when Bitcoin traded for less than $4.
On July 16th, Lookonchain reported that the whale had shifted 40,192 BTC, valued at $4.77 billion, to a newly created wallet.
This follows a similar move on July 14th, when another 40,009 BTC were transferred to Galaxy Digital, an asset management firm.
Data from blockchain intelligence firm Nansen reveals that Galaxy Digital subsequently transferred 6,000 BTC to major crypto exchanges Binance and Bybit, prompting speculation that at least part of the holdings may be sold.
The reactivation of the OG Bitcoin whale is one of the most intriguing events in the crypto space this year.
According to Lookonchain, the original wallets received their first inflow on April 2nd, 2011, when BTC was just $0.78. Notably, this date aligns closely with Satoshi Nakamoto’s final known communication.
By May 4th, 2011, the whale had consolidated 60,009 BTC across six additional wallets. The price of Bitcoin at that time was around $3.37. These coins sat idle for over a decade, untouched, until now.
In a separate event, a smaller Bitcoin whale has also made headlines. After six years of inactivity, this whale moved 1,042 BTC, worth approximately $123 million, to a new wallet. The tokens remain there, unspent.
According to Lookonchain, the mini whale’s Bitcoin was initially acquired from Braiins Mining and Xapo Bank in 2018, when the average price of Bitcoin was $8,746.
Source: X (@lookonchain)
That stash was originally worth around $9.1 million, making its current value a more than 13x increase.
While some whales are awakening and potentially taking profits, others remain steadfast:
Satoshi Nakamoto, Bitcoin’s anonymous creator, holds an estimated 1.096 million BTC, untouched since mined.
Winklevoss twins, founders of Gemini, reportedly own 70,000 BTC.
Tim Draper, a venture capitalist, purchased 30,000 BTC during a 2014 U.S. Marshals auction.
Michael Saylor, co-founder of MicroStrategy, has a personal stash of 17,732 BTC.
These long-term holders continue to HODL, suggesting differing strategies among Bitcoin whales.
A Bitcoin whale is an individual or entity that holds a large amount of Bitcoin, typically 1,000 BTC or more, which gives them the power to influence market movements through large trades.
While the reason is not confirmed, analysts suggest the whale may be taking profits after Bitcoin hit a new all-time high above $122,000.
Large transfers, especially to exchanges, often signal potential selling pressure, which can lead to price volatility or corrections.
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