Bitcoin Plunges as Enormous Satoshi-Era Whale Begins Selling Holdings

Massive Transfers Trigger Market Volatility

According to blockchain analytics platform Lookonchain, the large-scale holder, who possesses over 80,000 Bitcoins, initiated the selling pressure with a substantial transfer of 9,000 BTC, valued at approximately $1.06 billion, to Galaxy Digital. This initial move was quickly followed by another significant transfer of 7,843 BTC, further intensifying the selling pressure on the market.

Galaxy Digital is reportedly facilitating the movement of these colossal amounts of Bitcoin onto major cryptocurrency exchanges. Specifically, Binance and Bybit were noted to have received roughly $236 million worth of BTC from these transfers, indicating an intent to sell or distribute the assets into the active market.

Market Reactions and Short-Term Outlook

The sudden influx of Bitcoin from such a long-standing and substantial holder immediately sent ripples through the market. Data from CoinGlass shows that a staggering $406 million worth of long positions were liquidated within just four hours following these transfers, suggesting that many leveraged bullish bets were wiped out by the sudden downturn. Furthermore, following these initial whale movements, another significant market participant reportedly closed their long position and simultaneously opened a short position, indicating a swift shift in market sentiment.

Analysts interpret these events as a strong indicator of a potential short-term market top, as the selling pressure from such a large, early adopter could absorb significant buying demand. The incident underscores the inherent volatility of the cryptocurrency market, where the actions of a few large holders can significantly influence price movements.