Satoshi-Era Whale Moves Second 40K BTC to Galaxy Digital, Totaling $9.6B in Transfers
A dormant Bitcoin whale from the Satoshi era has moved the second half of its massive 80,201 BTC holdings — worth approximately $4.77 billion — to asset manager Galaxy Digital, completing a two-part transfer that began earlier this week. The full amount, moved over the span of four days, is now valued at $9.6 billion, marking one of the largest-ever on-chain shifts of Bitcoin from an early holder.
Second Transfer Confirmed
Onchain monitoring service Onchain Lens was among the first to report the second major transaction, following the initial 40,009 BTC transfer on Tuesday. Both transfers have been linked to Galaxy Digital, which has confirmed receipt of the assets. Blockchain data suggests that at least 6,000 BTC from these wallets were subsequently moved to exchanges Binance and Bybit, raising questions about the whale’s intentions.
The Satoshi-era whale has just deposited the last 40,192 $BTC ($4.83B) into #GalaxyDigital.
In total, this Bitcoin OG has transferred 80,201 $BTC ($9.6B) to #GalaxyDigital over the past 4 days.
Address: bc1qs4nzm0je7wqfyfmqr4ht4upyzy57vc95nf4au0
Data @nansen_ai pic.twitter.com/vi7RNmzwY1
— Onchain Lens (@OnchainLens) July 17, 2025
Whales, Profits, and Motives
The whale was initially identified by analytics platform Lookonchain on July 4, when it began moving funds for the first time in 14 years. The wallet’s original holdings were split between 20,000 BTC acquired in April 2011 and another 60,009 BTC obtained in May 2011, when Bitcoin traded at less than $4.
Commenting on the situation, Kadan Stadelmann, CTO of the Komodo Platform, said the whale may simply be securing massive profits. “Nobody can say for sure what the whale’s motivation is,” he said in a statement to Cointelegraph. “But it’s very likely they felt the time was right to lock in those jaw-dropping gains.”
Bitcoin’s recent surge to a new all-time high of $122,000 on Monday placed the total value of the whale’s holdings at over $9.7 billion, before prices slightly retraced.
Strategic Move or Sell-Off?
While a portion of the transferred Bitcoin has made its way to centralized exchanges — a common prelude to liquidations — analysts urge caution before interpreting the move as a full-scale sell-off.
Stadelmann suggests the transfer could simply be a matter of wallet security restructuring. “The whale might be shifting funds to improve security or diversify risk,” he said. “Alternatively, they may be preparing to fund a new project or distribute assets more efficiently.”
He also speculated that the whale could be rethinking their relationship with Bitcoin, especially in light of its increasing institutional adoption and integration into the traditional financial system, a stark contrast to Bitcoin’s original crypto-anarchist ethos.
Galaxy Digital: Buyer or Custodian?
The large BTC transfers into Galaxy Digital have led to speculation that the asset manager may be more than just a custodian. Marty Party, a pseudonymous crypto trader, suggested on X (formerly Twitter) that Galaxy may have outright purchased the Bitcoin, possibly to hold, sell a portion, and reinvest the proceeds into its business.
“IMO: They bought all 80k, sold some, and will hold some, and use the proceeds to benefit their businesses. Well played. The 80k is off the market,” he wrote.
Galaxy Digital has not confirmed whether the assets were acquired directly or received on behalf of clients.
Not Just About the Money?
Stadelmann also floated the idea that the whale could be planning to invest in off-grid infrastructure projects or alternative finance ventures aligned with Bitcoin’s founding principles of self-sovereignty and decentralization.
“There are still people out there who believe in the cypherpunk vision,” he said, “and it wouldn’t be surprising if this individual sees Bitcoin’s current trajectory as a departure from that vision.”
Satoshi Becomes the 11th Richest
While the movements of early whales captivate the crypto community, the original whale — Bitcoin creator Satoshi Nakamoto — remains silent. Satoshi is estimated to hold 1.096 million BTC, currently worth over $131 billion, placing them — theoretically — at #11 on the Forbes Billionaires List.
Despite countless theories, none of Satoshi’s known wallets have ever been moved or spent from, reinforcing the mystique surrounding the pseudonymous founder.
Conclusion
The recent movements of this Satoshi-era whale — totaling 80,201 BTC and over $9.6 billion — mark a significant moment in Bitcoin’s history. Whether for profit-taking, portfolio restructuring, or deeper ideological motives, the shift to Galaxy Digital suggests a new chapter in how early Bitcoin adopters interact with the modern crypto economy.
With the Bitcoin price nearing new highs, eyes will remain on the blockchain to see if similar whales are stirred to action — and whether the crypto markets can absorb such massive liquidity without losing momentum.
