Long-term Bitcoin investors from the Satoshi era have recently transferred over 1 trillion won worth of Bitcoin to centralized exchanges, stirring market anxiety. Particularly, the large volume moved ahead of a low-liquidity weekend has raised concerns about potential price adjustments among investors.
The transferred Bitcoin amounts to 10,000 coins, totaling approximately $1.18 billion (about 1.64 trillion won). This asset belongs to a "Satoshi era whale" and had not moved since 2011. This whale first moved 40,000 Bitcoins (about 6.396 trillion won) on July 15th, and then transferred another 40,000 to Galaxy Digital three days later on July 18th.
According to blockchain data analysis platform Lookonchain, Galaxy Digital subsequently distributed over 10,000 of these coins to major centralized exchanges including Binance, Bybit, Bitstamp, Coinbase, and OKX, further heightening concerns about potential spot market sales.
Lookonchain noted that these over 10,000 Bitcoins originated from a Bitcoin OG wallet with an initial holding of 89 coins (currently valued at about 13.432 trillion won), and suggested that the wallet's trading behavior could significantly influence market trends in the near term.
The consecutive asset movements by Bitcoin whales who had been inactive for years are increasing anxiety among general investors. However, price impacts will only be confirmed if these Bitcoins are actually sold in the market, so it will be crucial to carefully monitor future selling trends on exchanges.
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