An early investor in Bitcoin (BTC) has completed the sale of approximately 80,000 BTC through digital asset financial services firm Galaxy Digital, in what the company has termed one of the largest notional transactions in cryptocurrency history. While specific details regarding the date and execution price were not disclosed, the sale is estimated to be worth over $9 billion at current market prices.
Galaxy Digital publicly announced the monumental transaction via a PR Newswire release late Friday, followed by a post on its official blog. Although the company declined to provide further specifics, it confirmed the authenticity of the press release. The identity of the client remains confidential, with Galaxy Digital only stating that the sale was part of the investor’s “broader estate planning strategy.”
The announcement coincided with a period of heightened volatility for Bitcoin, which saw its price briefly dip below $115,000 on Friday. However, the cryptocurrency quickly rebounded, trading above $117,300 by day’s end.
On-chain data from Lookonchain revealed several substantial transactions from Galaxy Digital throughout Friday, totaling nearly 30,000 BTC, with a significant portion directed to exchanges. These movements were linked to a Bitcoin investor who, earlier this month, transferred 80,009 BTC from a long-dormant wallet, with these coins subsequently moving to Galaxy Digital between July 16 and 17.
Despite the massive influx of coins into the market, analysts suggest the sale has been “fully absorbed.” Jason Williams, an analyst and author of Bitcoin Hard Money, noted that the market barely reacted to the sale of over $9 billion in Bitcoin, indicating strong underlying demand. Joe Consorti, head of growth at Bitcoin custody infrastructure company Theya, echoed this sentiment, stating, “80,000 BTC, over $9 billion, was sold into open market order books, and bitcoin barely moved.”
