Galaxy Digital Sells 80,000 BTC From Early-Era Wallets in One of Crypto’s Largest Transactions
In a stunning move that has reignited discussions about Bitcoin’s early adopters and long-dormant wallets, Galaxy Digital has confirmed the sale of over 80,000 BTC, worth approximately $9 billion, on behalf of a long-term investor. The event marks one of the largest Bitcoin transactions ever disclosed, drawing global attention from blockchain analysts and market watchers alike.
The Wallets Behind the Billions
Galaxy Digital revealed on July 25 that the massive sale was initiated by a client who had held the Bitcoin for more than a decade, describing the transaction as part of the client’s estate planning. To make the disclosure truly unforgettable, Galaxy embedded the announcement directly on-chain via the op_return field, a metadata slot often used for symbolic or permanent messages.
In a notable detail, the transaction included the transfer of 1 satoshi (Bitcoin’s smallest unit) to each destination address. While largely symbolic, it signaled the intent to leave a visible footprint on the blockchain.
Soon after, blockchain analysts connected the source of the BTC to wallets associated with MyBitcoin, one of Bitcoin’s earliest wallet services that collapsed in 2011 following a major hack. These wallets had remained untouched since April of that year.
This discovery fueled speculation. CryptoQuant CEO Ki Young Ju floated the theory that the coins may have belonged to either MyBitcoin’s founder Tom Williams or potentially the hacker who exploited the platform over a decade ago.
Was the Seller a Shadowy Figure?
While the seller remains anonymous, some analysts expressed concern over the origins of the Bitcoin and the intent behind selling such a large amount at once. Bloomberg’s Eric Balchunas questioned the timing and motivation, asking:
“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.”
However, others pointed to Galaxy Digital’s institutional-level compliance protocols as a mitigating factor. Eliezer Ndinga of 21Shares stated that any transaction processed by Galaxy likely underwent rigorous KYC (Know Your Customer) procedures:
“It’s a behavior akin to a hacker, but if that amount was processed by Galaxy, I assume they had a stringent KYC process to enable the transaction.”
Market Absorbs Shock, Bitcoin Rebounds
Despite fears that a $9 billion sell-off could rock the crypto market, Bitcoin’s price held remarkably firm. After dipping to a multi-week low below $115,000, it has since rebounded and is now trading above $117,000. This resilience has been cited as a sign of the asset’s growing maturity and liquidity depth, even under pressure from massive moves.
While the transaction has added a dose of mystery to Bitcoin’s narrative—raising questions about who still controls some of the earliest coins—it has also demonstrated the market’s capacity to absorb significant events without spiraling into panic.
