The ‘OG’ whale with 80,000 BTC of 2011 caused Bitcoin to sink under USD $ 115,000

By Hannah Pérez

At the beginning of the month, an old whale woke up to move more than 80,000 BTC for the first time in 14 years. For Friday, more than 61,000 BTC of that stash had already been deposited in the centralized exchanges.

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• Massive Bitcoins sales of a whale ‘OG’ exert bear pressure on the market.
• The ancient whale woke up at the beginning of the month to move more than 80,000 BTC inactive since 2011.
• The Bitcoins went to Galaxy Digital just when Bitcoin broke high price.
• For Friday, more than 61,000 BTC of that total had already been deposited in those in exchanges.
• Bitcoin took a reverse below the USD $ 115,000 amid the profits.

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A gigantic whale of Bitcoin (BTC) ancient that was activated at the beginning of the month to move more than 80,000 BTC, was apparently responsible for a sudden and momentary reverse in the price of the main cryptocurrency.

Early Friday, 30,000 BTC of a larger lot of Bitcoins who sent the whale to Galaxy Digital, They went to centralized exchanges, possibly accelerating the sale of the enormous fortune of more than USD $ 9,000 million in Bitcoin.

The movement, which can be traced in chain, coincided with a drop in the price of Bitcoin towards a local minimum of USD $ 114,759 on Friday morning, as shown by the data of Coinmarketcap.

OG whale continues to monopolize attention

At the beginning of the month we report on the unprecedented transactions of a series of addresses of Bitcoin With 80,201 BTC, – which are speculated belong to the same entity – which had remained without movement for 14 years.

What initially seemed to be an innocent transaction, soon gave all the signs of a mass sale of Bitcoin. The whale, who had remained asleep since April 2011, sent a first lot of the Bitcoins toward Galaxy Digital On July 15, after finishing sending the rest of the coins a few days later.

Deposits in Galaxy Digital They happened just after Bitcoin It would reach a historical maximum of USD $ 123,000, which could have been a good incentive for the whale to sell its fortune. Let’s keep in mind that those Bitcoins They have been astronomically since their price of just a few cents for currency 14 years ago.

The independent researcher Lookonchainwhich was closely following the movements, identified the protagonist as a “OG whale“, Referring to a person or entity with a large amount of cryptocurrencies that have been involved in the industry since its early stages (usually from the first years of Bitcoinaround 2009-2013, or the call was Satoshi).

Observers such as Conor Grogan, Director of Products of Coinbasethey supported this idea saying that it was an ancient miner.

More than 61,000 BTC are going to exchanges

It is not yet known who or those who are behind, nor what is the reason for the movements, but one thing is safe: their vintage bitcoins are being sold. The data of Arkham Intelligence show that Galaxy Digital has been moving the Bitcoins of the whale, with several small deposits on Fridays traced to platforms such as Binance and OKX.

Friday’s flows suggest that Approximately 61,697 BTC, valued at USD $ 7.1 billion, of the original whale stash, have already been deposited in exchanges such as Binance, Bitstamp and OKXhe reported The Blockciting the data in chain. The address of Galaxy It still has 18,504 BTC, for a value of USD $ 2 billion, belonging to the mysterious whale.

While the bearish action of prices of Bitcoin Friday could respond to other factors, –such as high -risk bassists in the derivative market, and the anticipation of the expiration of futures and options later–there is the possibility that the earnings of the old whale have exerted sales pressure in the market.

Merchants closely monitor the whales of Bitcoin of the Satoshi era in search of signs about the feeling of the market and due to the ability they have to influence prices; particularly when their coins have remained intact for a long time. BTC changes hands around USD $ 116,500, at the time of publication of this article.

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Hannah Estefanía Pérez / Diariobitcoin

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