Galaxy’s $9B Bitcoin Dump From Early Wallet Triggers Bounce in BTC Price

Bitcoin Rebounds as Galaxy Completes $9B Sale From Dormant Whale Wallet

Bitcoin recovered on Friday after dipping below $115,000 overnight, as Galaxy Digital confirmed the completion of a $9 billion BTC sale linked to one of the largest long-dormant wallets in crypto history.

The asset rebounded to $117,200, narrowing losses to just 1.2% over the past 24 hours. The recovery followed clarity around a large overhang of supply that had been pressuring the market.

Galaxy Confirms Historic 80,000 BTC Transaction

Galaxy revealed it had facilitated the sale of 80,000 BTC on behalf of a long-term client as part of an estate planning strategy. The firm called it “one of the largest notional bitcoin transactions in the history of crypto.”

The BTC came from wallets dating back to Bitcoin’s early years and had remained untouched for over a decade. Their recent transfer — totaling nearly $9 billion — was flagged by on-chain trackers earlier this month, prompting speculation and market jitters as the coins were moved to trading platforms.

The final wave of exchange inflows late Thursday coincided with a brief sell-off in BTC, likely marking the conclusion of the liquidation process.

Analysts Eye Relief Rally After Supply Clears

With the whale selling now in the rearview, some market participants believe Bitcoin may have already printed a local bottom. John Glover, CIO at Ledn, said the event could mark the end of the current corrective wave.

“Once completed — either today or over the weekend — I expect we’ll complete wave iii by rallying to around $132,000,” Glover wrote, referencing his Elliott Wave analysis.

The resolution of this legacy wallet event has removed a major source of uncertainty from the market. As macro conditions remain favorable and capital rotation continues, traders will now look for signs of renewed momentum toward all-time highs.