According to blockchain analysts, the $9.7 billion sale may be absorbed by crypto markets without a significant market impact.
A long-dormant Bitcoin whale from the Satoshi era has transferred more than $1.1 billion worth of Bitcoin to centralized exchanges in recent hours, raising concerns of a possible market correction during a typically low-liquidity weekend.
After holding their stash since 2011, the Satoshi-era whale, or large cryptocurrency investor, first transferred 40,000 Bitcoin (BTC) worth over $4.6 billion on July 15, followed by a second transaction of 40,000 BTC on July 18 to Galaxy Digital, Cointelegraph previously reported.
According to blockchain intelligence platform Lookonchain, Galaxy Digital has since moved more than 10,000 BTC — worth about $1.18 billion — to major crypto exchanges, including Binance, Bybit, Bitstamp, Coinbase and OKX.
Read more