Satoshi-Era Bitcoiner Cashes Out Over 80,000 BTC Through Galaxy Digital

Bitcoin has once again shown that it is possible to complete transactions worth billions of dollars within a short time.

Digital asset firm Galaxy Digital disclosed that it has just completed one of the most significant notional BTC transactions in the history of crypto. The transaction, which is for a Satoshi-era Bitcoiner, involved the withdrawal of over 80,000 BTC (worth over $9 billion).

Early Bitcoiner Cashes Out Over $9B

Galaxy Digital labeled the transaction as a “notional bitcoin transaction,” a type of transaction typical among derivatives traders.

Although Galaxy Digital did not disclose details such as the client’s identity and the exact date(s) that the transaction occurred, it stated what the funds would be used for. According to the press release, the “transaction was part of the investor’s broader estate planning strategy.”

Galaxy Digital’s latest transaction is not entirely surprising. On-chain data from Lookonchain disclosed that Galaxy Digital transported almost 30,000 BTC on July 25th. At the time the tweet was published, the company had sold most of the BTC stash through various cryptocurrency exchanges.

The announcement also mentioned that the client was a Satoshi-era Bitcoiner, a term referring to individuals who accumulated BTC during its early days. Due to the cryptocurrency’s low price at the time, most early buyers amassed large BTC holdings. This makes them Bitcoin whales.

Interestingly, most early adopters of Bitcoin committed to holding their assets as their portfolio valuation grew. Some of these whales even went dormant for years before recently resurfacing.

BTC Trades Above $117K

Whenever most cryptocurrencies experience a massive sell-off within a short period, their market value drops.

Although the billions-worth withdrawal did not severely impact BTC’s value, the leading cryptocurrency did record a considerable price drop below the $115,000 threshold. This is the lowest BTC has gone since it attained its all-time high (ATH) of $123,000 on July 14th.

According to the price-tracking website, CoinMarketCap, the leading cryptocurrency sold for $117,400 at the time of writing. This shows that the asset is gradually recovering from its price tumble.

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