Are Bitcoin Whales Dumping Their BTC?
Briefly

The movement of over 80,000 BTC from dormant wallets raised concerns of a sell-off by bitcoin whales. However, this transfer, amounting to nearly $10 billion, is believed to involve a single wallet likely sending coins to Galaxy Digital. This indicates a gradual offloading rather than a market-dumping scenario. Adjusting metrics reveals distorted signals, emphasizing the importance of context in interpreting data. Whale activity remains muted, and historical patterns show that market tops correlate with many whales transacting, not just large volumes from single entities.
On July 4, more than 80,000 BTC - worth nearly $10 billion - was transferred on-chain from a wallet that had remained dormant for over 14 years.
According to Crosby, this massive transfer appears to originate from a single wallet, and the recipient is likely Galaxy Digital, a known institutional OTC trading desk.
This adjustment highlights a key lesson for analysts: Anomalies can distort signals, and raw metrics must be interpreted with context.
While some metrics show a spike in total BTC moved, the number of whales participating has not meaningfully increased.
Read at Bitcoin Magazine
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