A dormant Bitcoin wallet originating from the Satoshi era transferred 16,843 BTC, valued at approximately $1.99 billion, to Galaxy Digital.
Subsequently, 2,000 BTC from this transfer were deposited onto cryptocurrency exchanges Bybit and Binance.
This significant movement coincided with a 5% drop in Bitcoin’s price, raising concerns among market participants.
Simultaneously, Binance experienced a notable surge in large Bitcoin deposits, with over 35% exceeding $1 million.
Many of these substantial inflows originated from older wallets, suggesting potential sell-side pressure building on exchanges.
Market analysts warn that such large-scale whale movements combined with increased exchange inflows heighten the risk of sharp price corrections.
This risk is particularly acute as Bitcoin trades near its all-time high price levels.
The whale’s transaction marks its first cash-out event in 14.3 years, a fact underscored by the significant ‘Coin Days Destroyed’ metric associated with the transfer.