An early Bitcoin (BTC) investor has sold 80,000 BTC through Galaxy Digital, in what the digital asset company described as one of the largest notional transactions in crypto history, though details regarding the date and execution price were not disclosed.
Galaxy Digitalโs disclosure of the sale first appeared on PR Newswire late Friday, followed by a post on the companyโs official blog about 30 minutes later. Cointelegraph reached out to Galaxy Digital for further details on the transaction, and although the company declined to comment further, they did confirm the authenticity of the press release.
Galaxy did not reveal the clientโs identity but stated that the โtransaction was part of the investorโs broader real estate planning strategy.โ
The announcement came on a day of heightened volatility for Bitcoin, with the price briefly dipping below $115,000 on Friday, according to Cointelegraph.
Data from Lookonchain indicated several large transactions from Galaxy Digital throughout the day, totaling nearly 30,000 BTC, with most of the funds sent directly to exchanges.
These transactions were tied to a Bitcoin investor who moved 80,009 BTC from a dormant wallet earlier this month โ coins that were later transferred to Galaxy, according to Lookonchain data from July 16โ17.
Related: Satoshi-era $9.7B Bitcoin OG: Galaxy moves another $1.1B to exchanges
Despite heightened volatility, sold coins have been โfully absorbed,โ analysts say
After a brief drop of nearly 4% on Friday, Bitcoinโs price quickly rebounded and was last seen trading above $117,300, according to Cointelegraph.ย
Jason Williams, analyst and author of Bitcoin Hard Money, noted that the entire sale has already been โfully absorbed by the market,โ suggesting that prices are poised to move significantly higher.
โ80,000 BTC, over $9 billion, was sold into open market order books, and bitcoin barely moved,โ wrote Joe Consorti, head of growth at Theya, a Bitcoin custody infrastructure company.
Bitcoinโs price has surged this year, recently reaching a new all-time high above $123,000, driven by strong exchange-traded fund inflows, growing adoption in corporate treasuries and favorable regulatory developments in the United States.
Magazine: Bitcoin inheritances: A guide for heirs and the not-yet-dead
