Bitcoin rallied to an all-time high of $123,200 on July 14 amid institutional-driven price rally. However, as the market pumped, some old Bitcoin whales have started to cash out, potentially as profit-taking peaks with investors aiming to capitalize on the recent rally.
In one particular incident that happened earlier today, a whale holding 80,000 BTC has left the crypto market participants scampering. The whale, who has been dormant for 14 years, has now transferred 40,000 BTC today.
Bitcoin Whale Sells 40,009 BTC to Galaxy Digital
The recent Bitcoin rally has seen a lot of Bitcoin move around as whales embark on strategic liquidations. According to a post by Lookonchain, one particular instance has startled market participants as one Bitcoin OG made 40,009 BTC transfer to Galaxy Digital. The total value of this transfer is $4.68 Billion.
UPDATE: The Bitcoin OG with 80,009 $BTC($9.46B) has transferred 40,009 $BTC($4.68B) to #GalaxyDigital.
And #GalaxyDigital has directly deposited 6,000 $BTC($706M) into #Binance and #Bybit.https://t.co/8Z4m7CAQ0i https://t.co/4fpZhBM5uY pic.twitter.com/gdl6f8wSZw
— Lookonchain (@lookonchain) July 15, 2025
The whale initially had a total of 80,009 BTC which he had acquired in 2011 when Bitcoin was priced between $2 and $4 per coin. While the whale is now left with 40,000 BTC, the recent transfer is sending shock-waves across the market. In particular, the whale had not transferred any Bitcoin until the recent transfer, making the move the transaction a significant crypto wallet reactivation.
Following the transfer, Galaxy Digital has further deposited 6,000 BTC worth around $706 million into Binance and Bybit. However, blockchain data has confirmed that the sale to Galaxy Digital happened over the counter to avoid immediate impact on the market.
Nonetheless, coupled with other factors including Donald Trump’s tariffs, this has contributed to a dip in the price of Bitcoin. As of this writing, the price of Bitcoin sits at $116,384 having dipped by 4.14% over the last 24 hours.
Why Does the 40,000 Bitcoin OG Sell-Off Matter?
The crypto community often interprets whale sell-offs as a signal for a potential market dip. While the 14-year dormant whale made an over-the-counter (OTC), the sale is set to affect sentiment across the market. In particular, the size of the sale and close timing to the recent All-Time High, highlights a strategic liquidation.
“While some initially interpreted the movements as security related or part of a restructuring process, the timing close to ATH and the structured nature of the transactions suggest a more strategic liquidation,” OnChainSchool noted in a CryptoQuant analysis.
The analyst also predicts that the sell-off could have a similar impact on the market as experienced at the time of the reactivation of Mt.Gox wallets. The now bankrupt crypto exchange Mt.Gox, transferred a billions-worth of Bitcoin back in 2024, sparking market sell pressure. In that instance, Bitcoin faced a 31% market correction as per OnChainSchool.
Following the Mt.Gox incident, Bitcoin took over 6 months to recover the losses. In case of a similar incident following the 14 year Dormant whale transfer, Bitcoin could be in trouble, at least in the short term.
A combination of macroeconomic pressure and whale transfers could make Bitcoin a tank. However, despite the probable comparison, OnChainSchool highlighted that the outcome of the event still remains uncertain.
“So far, only a portion of the holdings has been sold. Whether the outcome will be similar this time remains uncertain, but the parallels are worth noting,” he noted.
This simply means that investors and traders must monitor Bitcoin’s price performance moving forward to determine whether the coin will tank or regain bullish momentum.
Bitcoin’s Profit-Taking Spikes After ATH
Another CryptoQuant report by Tarekonchain shows that BTC investors are taking-profits after the recent rally to a new all-time high of $123,200. Analyzing the Exchange Netflow data, the analyst noted a spike in inflows toward centralized exchanges. This indicates a wave of profit-taking activity by both short-term holders and Bitcoin whales.
“This kind of movement typically suggests a local top and could lead to a healthy correction or consolidation in the coming days. It’s a classic pattern we’ve seen after previous parabolic rallies – profits are realized, weak hands exit, and price finds a new base,” Tarekonchain wrote.
However, the analysis shows that despite the increase in exchange inflows, the bullish structure of BTC remains intact. This is majorly backed by the strong ETF inflows and no significant movements by institutional Bitcoin wallets.
[…] in recent history. The firm had recently acquired approximately $2 billion in Bitcoin from a Satoshi-era whale address. That purchase had generated attention in the market, as it suggested long-dormant coins were […]