Satoshi-Era Whale Dumps 40K BTC to Galaxy Digital – Is This the Tipping Point?

A dormant Bitcoin whale just woke up—and dumped a $2.4 billion payload into Mike Novogratz’s Galaxy Digital. Market braces for impact.

The O.G. Exodus

These coins haven’t budged since the ‘pizza for BTC’ days. Now they’re headed straight to an institutional liquidity provider—just as ETF inflows hit record highs.

Paper Hands or Power Move?

Timing screams ‘top signal’ to retail traders. But Galaxy’s clients? They’re probably salivating over this off-market liquidity—Wall Street loves a good fire sale.

The Cynic’s Take

Nothing says ‘trust the system’ like cashing out to the very bankers Satoshi wanted to obsolete. Happy capitulation, everyone.

40,000 BTC Sent to Galaxy Digital As Selling Activity Sparks Volatility

Darkfost has reported a significant movement in the bitcoin network—40,000 BTC has been transferred to Galaxy Digital, one of the most prominent institutional players in the space. The transaction originated from wallet address bc1qmuxrzvnx34j8y6h9leg4zen5gnw7wmfmgp8v2p, which is now completely empty.

While this transfer is notable, it’s only part of the picture. Four other wallets from the same cluster still collectively hold 40,000 BTC—none of which have moved yet. The total amount of Bitcoin sent to exchanges or OTC brokers remains uncertain for now, but Darkfost noted that selling activity appears to be ongoing.

Such large-scale movements often trigger concerns in the market, and the potential for panic selling is real, especially given the scale and timing of this transfer following Bitcoin’s recent all-time high at $123,200. However, it’s important to contextualize the event within the broader market structure.

Despite the short-term volatility, Bitcoin’s fundamentals remain strong. Institutional interest continues to grow, supply on exchanges remains historically low, and long-term holders show no signs of mass exit. This development may cause temporary price fluctuations, but it’s unlikely to shake the long-term conviction many investors maintain in Bitcoin’s trajectory. As always, whale activity commands attention, but it rarely defines the entire trend.

BTC Drops To $116K After ATH

The 12-hour chart shows Bitcoin facing a sharp pullback after reaching its all-time high at $123,200. Currently trading around $116,509, BTC has dropped nearly 6% from its peak, signaling a period of increased selling pressure. Notably, this correction was accompanied by a spike in red volume, indicating strong profit-taking activity or large sell-side orders—possibly linked to the recent whale movement toward Galaxy Digital.

Despite the retrace, Bitcoin still trades well above its key moving averages: the 50 SMA ($109,353), 100 SMA ($107,729), and 200 SMA ($101,375). These levels continue to slope upward, reflecting a healthy longer-term trend. The $114,000–$117,000 zone now acts as short-term support, aligning with the last consolidation area before the breakout.

Holding this range will be crucial for bulls to maintain momentum. A breakdown below could trigger a retest of the $109,300 support, a level that capped price action through much of June. On the upside, a recovery above $119K WOULD suggest that buyers are stepping back in.

Featured image from Dall-E, chart from TradingView