A long-inactive Bitcoin whale from the Satoshi era has recently transferred over $1.1 billion worth of BTC to centralized exchanges, sparking fears of a possible market dip during the typically quiet weekend trading hours.
This whale, who has been holding Bitcoin since 2011, first moved 40,000 BTC, valued at over $4.6 billion, on July 15. A second transfer of another 40,000 BTC followed on July 18 to Galaxy Digital.
According to blockchain analytics firm Lookonchain, Galaxy Digital has since sent more than 10,000 BTC, around $1.18 billion, to major exchanges such as Binance, Bybit, Coinbase, OKX, and Bitstamp.
These massive transfers, combined with the introduction of new audit rules under the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), have raised alarms about a potential Bitcoin sell-off.
Despite worries about a broader market correction, some experts believe the $9.6 billion worth of Bitcoin could be fully absorbed by the crypto market.
Others say these large movements show a deeper change in how the crypto market works.
Some analysts also highlight the rise of U.S. Bitcoin ETFs and increased institutional investment as factors that are disrupting the usual four-year Bitcoin cycle theory.
