Institutional crypto firm Galaxy said Friday that it had sold more than 80,000 Bitcoin—over $9.3 billion worth at the current price—for a Satoshi-era investor.
Media outlets, including crypto ones, make everything sound so bombastic. Like this 80,000 BTC sale that went down over a few days. It was in the books, though... The Satoshi-era Bitcoin investor who sold these bitcoins through Galaxy Digital started moving them about a week ago.
We don’t know if this was a retail investor who cashed out over nine billion dollars from his long-held stash or some institution, but there’s a high chance it was a retail investor. Back when he bought those coins, institutional investors weren’t even in the crypto space.
Last year around this time, the German government dumped about 60,000 BTC over a week or so, and BTC’s price took a beating. The cascade of sells triggered a drop from around $70,000 to $49,000. This time, the big dog handled it better.We only saw a dip of about $4,000 in BTC’s dollar valuation during the 80,000 BTC sell-off by Galaxy on behalf of the Satoshi-era investor. The market’s maturing, and it’s doing it well.
The market’s also showing strength despite the sell-off. Now, why someone would use an institution like Galaxy instead of hitting up exchanges is tough to pin down, but my take is the seller prioritized safety and ease in the process.
He probably paid a hefty fee for the sale, but... that’s not what grabs me most about this guy. It’s how he stayed under the radar and didn’t sell a dime during the past couple of bull markets, only to cash out now. I mean, I’d have probably sold a chunk of that BTC way earlier.
I’m pro-Bitcoin investing because, as anyone can see, it’s proven to be a solid store of value, but I don’t think cashing in some profits along the way is a bad move either. Whoever sold that much Bitcoin could buy a bunch of islands somewhere and live worry-free for life.
If this guy’s got a family, he basically retired his whole bloodline. I know, cash is trash, but as long as society’s using it, why not stack as much as possible? There are damn few places where you can spend Bitcoin, but cash works everywhere.
Nine billion dollars is an insane amount to have, so I’m wondering what this man’s doing with all that cash. Seeing how smoothly the market soaked up that massive sell-off makes me confident the bull market ain’t over, and we might finally get that long-awaited altcoin season. I doubt the dude who dumped 80,000 BTC is using his cash to buy meme coins...
Have a great Friday, people, and catch up with you all next time.
Thanks for your attention,
Adrian