OG bitcoin whale moves billions of dollars in BTC to Galaxy Digital: onchain analysts

Addresses linked to the OG bitcoin whale that woke up after 14 years of dormancy earlier this month transferred just over 40,000 BTC ($4.7 billion) to Galaxy Digital early Tuesday, according to onchain data.

One of the entity's address beginning "bc1qq" made several transfers to Galaxy between 1:42 a.m. and 5:29 a.m. UTC on Tuesday totaling 20,000 BTC ($2.3 billion), in batches varying from 500 BTC to 4,500 BTC, Arkham data shows. A second address starting "bc1qm" transferred another 20,010 BTC ($2.3 billion) in total between 3:10 a.m. and 5:57 a.m.

Lookonchain noted that the entity was likely preparing to sell the bitcoin through Galaxy amid the foremost cryptocurrency's recent all-time high rally. Galaxy Digital's OTC services provide clients with a private alternative to trade large funds rather than via public exchanges.

Linking the transactions to the same Satoshi-era bitcoin whale, fellow blockchain analytics platform Onchain Lens said it marks the first cash-out in their bitcoin history.

The entity moved a total of 80,000 BTC ($9.3 billion) when it woke up for the first time since 2011 on July 4. The remaining 40,000 BTC are likely still held by the OG whale after initially transferring them on Independence Day — split equally across four addresses starting "bc1qn," "bc1qy," "bc1qm," and "1GcCK."

Who is the OG bitcoin whale?

The July 4 transfers sparked wild speculation around the individual or entity that owns the 80,000 BTC, and the reason for the movement, with suggestions from "Bitcoin Jesus" turned Bitcoin Cash evangelist Roger Ver to the CIA and Satoshi Nakamoto themself being behind the transfers.

Arkham previously suggested that the transfers may simply be related to upgrades from legacy bitcoin addresses, with no signs of selling at that stage, while Coinbase Director Conor Grogan said the 80,000 BTC appeared to be owned by a single miner from 2011.

The decision to "cash out" now, particularly through an institutional broker like Galaxy Digital, could be a strategic move to capitalize on bitcoin's recent surge to unprecedented highs.

The world's largest cryptocurrency reached over $123,000 on Monday, benefiting from extensive institutional demand and positive expectations from U.S. crypto legislative efforts. Bitcoin has since traced back some of its gains to trade at $117,800, down 3.1% in the past 24 hours, according to The Block's BTC price page.

Updated to include additional details throughout.