On July 5th, a Bitcoin whale that had been dormant since 2011 suddenly awakened, transferring a total of 18,300 BTC from a wallet containing 80,000 BTC to Galaxy Digital, with a market value exceeding $2.14 billion, causing market attention and price fluctuations. The Bitcoin price briefly dropped below $117,000.
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Toggle2011 Whale Awakens: 80,000 BTC Wallet Becomes Active Again
On-chain data analyst @ai_9684xtpa discovered that a Bitcoin whale address inactive since 2011 was consolidating, ultimatelyholding a total of 80,010 BTC, which was worth only about $60,000 at the time and is now worth over $9.36 billion, with an investment return of 150,000 times.
How large is 80,000 BTC? Among publicly listed companies holding Bitcoin, this amount ranks second, only behind MicroStrategy; in private companies, it ranks third, behind Block.one and Tether; among governments, it ranks third, behind the United States and China.
The latest fund tracking today shows that this independent miner's address has transferred 18,300 BTC (approximately $2.145 billion) to digital asset company Galaxy Digital within just two hours, raising community concerns about potential massive sell pressure.
No Market Reaction Opportunity, Whale Chooses One-Time Sell-Off?
Galaxy Digital has long been one of the preferred platforms for institutional or whale over-the-counter (OTC) transactions to avoid significant market price fluctuations, and this ancient whale appears to be doing the same based on transfer records.
However, according to Galaxy Digital's records, the company has already deposited 2,000 BTC (approximately $230 million) into Binance and Bybit, seemingly quite efficiently.
Market observer @_FORAB pointed out that compared to the German government's 50,000 BTC sell-off over a month, this whale seems eager to realize profits. However, in @ai_9684xtpa's view, for such a fossil hand, one-time selling and gradual selling are essentially the same:
The German government's prolonged sell-off would continue to drive prices down in a bearish market, providing shorting opportunities for institutions and retail investors, ultimately resulting in a lower average selling price than an immediate sell-off.
Currently, according to exchange data, Binance's 24-hour trading volume is about $3.5 billion, while Bybit's is $1.98 billion, suggesting it may take several days to absorb this sell pressure.
Compared to the German government's sell-off, the current market depth and absorption capacity are significantly different, with financial giants and OTC institutions becoming a stabilizing factor that may prevent significant market and price impacts.
In contrast to the past, such a large transfer might have quickly triggered a severe crash. Now, with only a slight decline since the news, this reflects the crypto market gradually moving beyond speculative and emotional volatility into a new, stable, and rational norm.
Risk Warning
Cryptocurrency investment carries high risks, with potentially extreme price volatility. You may lose all your principal. Please carefully assess the risks.
After a long period of stagnation, the Non-Fungible Token market has recently stirred again. Data shows that last week's total Non-Fungible Token trading volume exceeded $140 million, reaching a new high since the beginning of the year. Ethereum performed most impressively. Meanwhile, a major buyer's million-dollar purchase of CryptoPunks has also sparked market discussion. Is this a short-term rebound or a harbinger of a new Non-Fungible Token bull market?
ToggleNFT Market Trading Volume Hits Half-Year High, Ethereum Most Active
After several months of low performance, the NFT market welcomes a long-awaited highlight moment. The Block data shows that the past week's total Non-Fungible Token trading volume reached $143.5 million, returning to January's level this year.
Among them, Ethereum's weekly trading volume of $75 million leads, with over 50% market share, a surge of over 300% compared to the previous two weeks' $18.3 million. Simultaneously, BTC Non-Fungible Tokens increased from $11 million to $25.6 million, showing a recovery trend.
From NFTGO data, it's evident that the overall market shows clear increases in floor prices, 24-hour trading volume, and transaction volume, with projects like CryptoPunks, Squiggle, and Moonbirds performing most prominently.
ETH Surge Drives NFT Market Recovery, CryptoPunks Whales Sweep Market
The NFT market's recovery is closely related to the recent ETH price increase. Since early July, ETH's price has risen nearly 50%. The price recovery has also prompted the NFT market to become active again. Yesterday, a whale's new wallet bought 45 CryptoPunks in a short time, spending 2,082 ETH (approximately $5.87 million).
(Reaching the Art's Endpoint: Legendary NFT CryptoPunks Transferred to NODE Foundation)
This move not only pushed CryptoPunks' floor price to 46 ETH (approximately $175,000) but also sparked market attention, triggering discussions among BAYC's Yuga Labs co-founder Garga.eth and Blockworks co-founder Yano about recent hot topics and NFT reserve company news.
Blue-Chip Stabilizes: Yuga Labs Strategically Reshapes, PENGU Actively Markets IP
Changes in the NFT domain are not just in data. Major blue-chip projects are also undergoing strategic adjustments. BAYC's parent company Yuga Labs recently sold IP ownership of Moonbirds, Meebits, CryptoPunks, and refocused on developing their metaverse platform Otherside, symbolizing resource reallocation.
(Yuga Labs' Big Sale: Moonbirds Transferred to Game Startup, Refocusing on BAYC and Otherside)
On the other hand, the recently popular Pudgy Penguins not only invested heavily in marketing exposure, but their official token PENGU also submitted an ETF application to SEC through Canary Capital. If approved, it will become one of the first fund products directly linked to the NFT ecosystem.
Bubble Rebound or New NFT Cycle's Starting Point?
Although the NFT market trading volume still shows a -50.9% decline within a year, recent signals such as ETH fund spillover, data recovery, and project strategic readjustments indeed show potential market recovery. Whether this rebound is a short-term hot money effect or the beginning of a new NFT bull market remains worth continuous attention.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
