An unmarked wallet address “bc1qq…atjty” moved 20,000 BTC, which is worth around $2.34 billion, to Galaxy Digital during late night Monday.
According to Nansen data, the transfer was made across seven transactions that started at 9:34 p.m. on Monday, in batches varying from 500 BTC to 4,500 BTC. The last transfer of 3,160 BTC made around 1:28 a.m. on Tuesday emptied the address.
Blockchain data analytics platform Onchain Lens identified the sender address to be linked to the bitcoin whale that recently moved over 80,000 BTC after 14 years of dormancy on Friday.
“This marks the first cash-out in his BTC history,” Onchain Lens wrote.
The bitcoin “OG whale” sparked speculation around the individual or entity that owns the 80,000 BTC, and the reason for the movement. Onchain analytics platform Arkham previously speculated that the transfers may simply be related to address upgrades, while Coinbase’s Conor Grogan said the 80,000 BTC appears to be owned by a single miner from 2011.
The decision to “cash out” now, particularly through an institutional broker like Galaxy Digital, could be a strategic move to capitalize on bitcoin’s recent surge to unprecedented highs.
The world’s largest cryptocurrency reached over $123,000 on Monday, benefiting from extensive institutional demand and positive expectations from U.S. crypto legislative efforts. Bitcoin has since traced back some of its gains to trade at $117,600, down 3.14% in the past 24 hours, according to The Block’s bitcoin price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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