Bitcoin Rebounds After $9B “Satoshi Era” Sell-Off, Eyes $123K High

On Friday, Bitcoin’s price curve was still struggling for support at the $115,000 mark, but by the start of the week, BTC is already back above $119,000. The story behind it is raising hopes for Bitcoin.

The weekend was unusually turbulent for the leading cryptocurrency, Bitcoin. On Friday and Saturday, the BTC price curve dipped noticeably, and the major tremors began at the $115,000 mark. But then the Bitcoin price recovered and reached prices above $119,000 on Monday morning. A press release from Galaxy explained why the price pressure on Bitcoin had arisen.

Galaxy sells Bitcoin from the “Satoshi era” on behalf of customers

The crypto company had sold a good 80,000 Bitcoins with a market value of over $9 billion in a concerted effort. This was “one of the largest nominal Bitcoin transactions in the history of cryptocurrencies,” Galaxy writes. The company acted on behalf of a client who was organizing his financial strategies. By comparison, placing $9 billion worth of Bitcoin on the open markets would take around two months at the average capital inflows for Bitcoin ETFs, so the maneuver was anything but a breeze for a Galaxy client.

The affected 80,000 BTC had already appeared on the crypto scene’s radar at the beginning of July . They sparked speculation because they hadn’t been moved for more than 14 years. Bitcoin from the so-called “Satoshi era” has become rare, prompting debate about their wallet addresses. Rapid advances in the development of quantum computers could jeopardize the security of BTC from the “Satoshi era” in the near future; a precautionary “freeze” of these Bitcoin holdings is a controversial solution . Galaxy calls the billion-dollar deal “one of the earliest and most significant exits from the crypto market.”

Conclusion: Bitcoin market has coped well with billion-dollar sales

The $9 billion Bitcoin story from the “Satoshi era” now appears to be over. The widely read expert Whale Panda appears impressed on X by how the BTC market has digested the massive sale, “especially considering the incompetence of the execution.” Apparently, the deal had to be completed under time pressure by a specific time on Friday, Whale Panda speculates.

Normally, such a large deal would be arranged through direct sales to investors rather than through crypto exchanges. Like other observers, Whale Panda essentially sees the event as encouraging for Bitcoin’s price development, as so many BTC are unlikely to be flushed back into crypto exchanges at the current price level. Now, the Bitcoin all-time high of $123,000, just two weeks old, is once again in focus. Quite a few believe that this trading week could see a Bitcoin rally.

__

(Featured image by Jonathan Borba via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us