Massive BTC Transfer to Galaxy Digital

A significant wallet address, "bc1qq...atjty", has transferred 20,000 BTC, equivalent to approximately $2.34 billion, to Galaxy Digital late Monday night. This operation was noted by Nansendata and consisted of seven transactions that began at 9:34 PM, with amounts ranging from 500 to 4,500 BTC. The final transfer of 3,160 BTC occurred at 1:28 AM Tuesday, depleting the wallet's balance. Analysis from Onchain Lens identified this address as connected to the bitcoin whale who recently moved over 80,000 BTC after 14 years of inactivity. Onchain Lens remarked, "This marks the first cash-out in his BTC history." The identity of the owner of the 80,000 BTC remains speculative, with some analysts suggesting it could relate to address upgrades, while others believe it is owned by a single miner from 2011, as mentioned by Coinbase's Conor Grogan. This decision to cash out, especially via a reputable broker like Galaxy Digital, may be a strategic response to bitcoin's recent climb to over $123,000, driven by strong institutional demand and optimistic developments in U.S. crypto legislation. As of now, bitcoin has receded to around $117,600, showing a decline of 3.14% within the last 24 hours, according to The Block's price page. Disclaimer: The Block operates independently, delivering news and analysis in the crypto sector. Please note that this article is strictly for informational purposes and does not constitute legal or financial advice.