
Galaxy Digital Moves $9 Billion in Bitcoin From Dormant MyBitcoin Wallets
In a shocking move, Galaxy Digital has transferred 80,000 Bitcoins worth over $9 billion on July 25. This significant transaction has raised several questions among blockchain analysts and market experts.
According to the data, the Bitcoin originated from dormant wallets linked to MyBitcoin, an early wallet service that ceased operations in 2011 following a hack. The sudden reactivation of old wallets is considered rare in the cryptocurrency community.
The transaction’s timing and execution have sparked controversy, with some questioning the motives behind this massive transfer. Bloomberg ETF analyst Eric Balchunas expressed concerns over the sudden movement of such a large amount of Bitcoin, which could potentially cause price slippage and raised questions about the sender’s intentions.
“Have they lost faith that badly that they want to take that much money out that quickly? Unless they plan to buy the LA Lakers in cash, it seems odd/even concerning,” Balchunas wrote on X.
Despite the concerns surrounding this transaction, Galaxy Digital has not released any official documents confirming the identity of the wallet holder. The lack of transparency has sparked even more speculation and questions about the origin of these funds.
In a surprising twist, the Bitcoin price dropped below $115,000 shortly after the sale but quickly recovered to around $117,000 without any major market disruption. The sudden movement of such a large amount of Bitcoin raised concerns about potential manipulation or other market anomalies.
It’s worth noting that Galaxy Digital used the op_return function on the Bitcoin network to embed a public message in the transaction metadata and distribute 1 satoshi each to receiving wallets, adding visibility to this massive transfer.
Source: coinchapter.com