Galaxy Digital has revealed sales of over 80,000 Bitcoin (valued over $9 billion) on behalf of long-term investors.
The deal, revealed on July 25th, is one of the biggest ever executed in Bitcoin history.
Analysts Track $9 billion BTC Sale for Galaxy’s Early MyBitcoin-ERA Wallet
According to Galaxy, Bitcoin was a member of an unknown client who acquired it at the earliest time of Bitcoin and held the coin for over a decade.
The company described the move as part of its client’s real estate plans, suggesting a strategic decision to realize profits after years of retention.
In particular, Galaxy also embed messages in transaction metadata using the Op_return field, and announced on-chain.
The transaction contained one Satoshi (the smallest unit of Vitocoin) sent to each recipient address. This iconic act attracted the attention of blockchain analysts.
“If the press release is not on-chain, did that really happen? This transaction is funded with 80,000 SATs from the Galaxy Digital address and pays 1 SAT of dust to each address involved in the 80,000 BTC sales.”
Following the disclosure, blockchain investigators tracked down a coin tied to MyBitcoin, one of the earliest Bitcoin wallet services. The platform shut down in 2011 after the infamous hack and many coins have not been recorded.
Cryptoquant CEO Ki Young Ju noted that his wallet had been dormant since April 2011 just before the platform collapsed. This encouraged speculation about the seller’s identity.
“It could probably belong to a hacker or anonymous founder known as Tom Williams. It appears that Galaxy Digital bought #bitcoin from them, but I don’t know if they did forensic medicine,” Ju added.
Meanwhile, market analysts also questioned the strategies behind such a massive load in a single transaction.
Bloomberg’s Eric Balknas suggested that the size of Bitcoin sales caused a significant slip. He added that the urgency behind the move raised important questions about the seller’s motivation.
“Have they lost so much of their faith that they want to do that? It seems strange unless they are planning on buying La Lakers in cash,” Batunas asked.
However, 21 share Eliezer Ndinga suggested that if Galaxy promotes the transaction, it would likely carry out a rigorous KYC check, reducing the likelihood that the seller would be an unidentified bad actor.
“This is a hacker-like behavior, but I thought there would be a tough KYC process to allow transactions to be performed if that amount was handled by Galaxy,” Ndinga said.
Other market observers praised the rapid recovery from the sale of Bitcoin. They noted that rebound reflects maturity growth as an independent asset class.
As of press time, BTC is trading above $117,000. This is an incredible shift in digital assets that have fallen to a weekly low of under $115,000 amid a sale.
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