Bitcoin Rebounds After Galaxy Completes Sale of $9B BTC From Satoshi-Era Whale
The largest crypto recently changed hands at $117,200, still down 1.2% over the past 24 hours.
Some analysts noted the dip coincided with asset manager Galaxy moving large amount of BTC to exchanges overnight, likely related to the bitcoin whale that sent this month around $9 billion worth of BTC to trading desks. The wallets held BTC since the early years of Bitcoin's history, transferred the assets in after being dormant for more than a decade.
Later on Friday, Galaxy confirmed that it completed the sale of all 80,000 BTC on behalf of a client, touting it as "one of the largest notional bitcoin transactions in the history of crypto."
The sale was part of the investor's estate planning strategy, the firm said.
With the selling pressure by the whale now past, some analysts predicted the lows could be in or close.
John Glover, chief investment officer of crypto lender Ledn, said that BTC could put in a local bottom on Friday or over the weekend before continuing its push to new records, according to his Eliot wave analysis.
"Once completed (either today or over the weekend) I expect that we will complete wave iii by rallying to circa $132,000," Glover said in a market note.Sign in to access your portfolio
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