On July 25, on-chain data analyst Yu Jin posted on social media that after Galaxy Digital's address transferred 22,610 BTC (approximately $2.6 billion) to multiple addresses and trading platforms, the selling pressure of 80,202 BTC (approximately $9.53 billion) from the [80,000 BTC ancient whale] may have been digested by 68,000 BTC. With another wave of selling, the coins from the [80,000 BTC ancient whale] could be completely digested.
From July 15, when the [80,000 BTC ancient whale] began transferring BTC to Galaxy Digital for consignment sale until now, approximately 68,000 BTC have been transferred to multiple exchanges and addresses in batches of several hundred BTC. The selling method appears to be secondary market sales and OTC. Among these:
14,000 BTC entered Binance;
8,975 BTC entered Bitstamp;
7,420 BTC entered Bybit;
7,150 BTC entered OKX;
and approximately 30,400 BTC were transferred to multiple independent addresses (possibly OTC buyers).
That is, approximately 12,000 BTC (about $1.38 billion) from the [80,000 BTC ancient whale] may still be unsold, and given the current market liquidity, digesting the remaining portion would not have a significant impact.
