When a Satoshi-era whale decides to liquidate over 10,000 Bitcoin in less than eight hours, the market tends to notice—particularly when that decision translates into a $1.18 billion sell-off that sends prices tumbling from above $119,000 to $115,800 faster than most investors can refresh their portfolios.
Galaxy Digital orchestrated this particular masterclass in market disruption on July 24-25, 2025, methodically routing Bitcoin through major exchanges including Binance, Bybit, and OKX with the precision of a coordinated military operation. The timing proved exquisite (if one appreciates market chaos): the sell-off coincided with $370 million in USDT withdrawals, creating a liquidity maelstrom that contributed to Bitcoin’s steepest 2.7% intraday decline in over two weeks.
Galaxy Digital’s surgical precision in liquidating $1.18 billion worth of Bitcoin created a liquidity maelstrom that seasoned traders couldn’t ignore.
What makes this episode particularly fascinating isn’t merely the scale—though $1.18 billion certainly commands attention—but the identity of the seller. Analytics revealed the whale as a Satoshi-era holder, one of Bitcoin’s original titans who had remained dormant until this month. These OG whales, having accumulated their positions during Bitcoin’s nascent years, rarely disturb the market’s equilibrium, making their reactivation a phenomenon worth studying rather than dismissing as routine profit-taking. The liquidation began as part of a broader pattern that started on July 4, when the dormant address first broke up its massive 80,009-BTC trove into smaller, more manageable tranches. The whale’s strategic positioning involved accumulating holdings since 2011, perfectly timing the exit to coincide with Bitcoin’s current price peak.
The psychological implications extend beyond immediate price action. When long-dormant addresses containing Bitcoin mined or acquired since the network’s inception suddenly spring to life, it suggests either evolving confidence levels or liquidity necessities among the cryptocurrency’s founding class. With approximately 19.85 million bitcoins already in circulation out of the 21 million total supply, such large-scale movements by early holders can significantly impact the available liquidity in the market.
Galaxy Digital’s additional 2,850 BTC transfer ($330 million) shortly thereafter reinforced the sustained nature of this liquidation strategy.
Complicating matters, approximately 30,000 leveraged long positions emerged simultaneously from other market participants, creating a volatility cocktail that would challenge even seasoned traders’ risk management protocols. Despite projections suggesting institutional demand could absorb this supply over several weeks, the event raises pertinent questions about Bitcoin’s near-term stability when confronted with large-scale whale movements.
While analysts maintain optimistic year-end targets of $200,000—contingent on favorable global liquidity conditions—the reactivation of Satoshi-era holders introduces an intriguing variable: are Bitcoin’s original believers beginning to cash out, or does this represent isolated portfolio rebalancing?
The market’s reaction suggests investors are taking no chances interpreting the distinction.
