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80K Bitcoin Whale Identity Uncovered? MyBitcoin Wallets Linked To Recent Transfer

80K Bitcoin Whale Identity Uncovered? MyBitcoin Wallets Linked To Recent Transfer

Sebastian Villafuerte
by Sebastian Villafuerte
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has experienced renewed volatility and uncertainty as Galaxy Digital, a leading financial services firm in the digital asset space, completed a historic transaction that sent shockwaves through the market. The company executed the sale of over 80,000 BTC—valued at more than $9 billion—marking one of the largest notional Bitcoin transactions in crypto history. This massive transfer has not only triggered sharp price swings but also fueled speculation around the identity of the seller and the implications for the broader market.

Related Reading: Galaxy Digital Unloads 22,700 Bitcoin To Exchanges As Selling Accelerates

CryptoQuant Founder and CEO, Ki Young Ju, added a deeper layer to the story by revealing that the transferred coins had been dormant for 14 years. According to Ju, these BTC originated from wallets once hosted by the now-defunct platform MyBitcoin, which collapsed in 2011. The sudden reactivation of these early-era coins has raised eyebrows across the crypto space, with some analysts questioning whether the original owner, a potential early miner or hacker, was involved in the sale.

As markets react to this unprecedented transaction, investors are closely watching Bitcoin’s price action and institutional behavior for clues on the next major move. The coming days could prove pivotal for BTC’s short-term trajectory.

Bitcoin Whale Mystery Adds Intrigue To Market Volatility

Ki Young Ju has shed light on the potential identity of the mysterious Bitcoin whale behind the recent 80,000 BTC transfer. According to Ju, the wallets containing these coins had remained inactive since April 2011, just months before MyBitcoin—one of the earliest Bitcoin wallet services—collapsed following a major hack in July of that year. The sudden reactivation of these coins strongly suggests that the stash may belong to the hacker responsible for the breach or possibly the platform’s enigmatic founder, known as Tom Williams.

MyBitcoin statement | Source: Ki Young Ju on X
MyBitcoin statement | Source: Ki Young Ju on X

Speculation has intensified as Ju noted that Galaxy Digital appears to have purchased the Bitcoin from this entity. However, there is uncertainty about whether thorough forensic checks were performed to confirm the legitimacy and origins of these coins. Such a massive transfer and sale have stirred concerns among traders about potential sell-offs and their impact on market sentiment.

The next few days are expected to be critical for Bitcoin as the market digests this development. While Bitcoin grapples with volatility, Ethereum (ETH) has started to outperform BTC, signaling a shift in dynamics. This divergence between major crypto assets may set the tone for the broader market in the coming weeks.

Related Reading: “Bitcoin Cycle Theory Is Dead” – Crypto CEO Apologizes For Bearish Misfire

BTC Holds Support After Shakeout

The 4-hour chart for Bitcoin shows that after briefly dipping below the 100 SMA (green) at $117,471, BTC found strong support near $115,724—a key horizontal level that has repeatedly acted as a defense zone. This bounce came as significant volume entered the market, signaling strong demand just below that level.

BTC recovers after small pullback | Source: BTCUSDT chart on tardingView
BTC recovers after a small pullback | Source: BTCUSDT chart on TradingView

Now trading around $117,300, BTC has reclaimed the 100 SMA and is attempting to push back above the 50 SMA (blue), currently acting as short-term resistance near $118,118. A confirmed break and hold above this level could open the path for a retest of the range highs at $122,077, which remains the main resistance before any new all-time high attempt.

Related Reading: US Government Bitcoin Reserves Still Intact: 198,000 BTC Remain Untouched

The consolidation structure that formed between $115,724 and $122,077 resembles a mid-cycle continuation pattern. This recent sweep of the lower range may have flushed out leveraged longs, allowing for a healthier reset before the next move. However, failure to hold the 100 SMA or another drop below $115,724 would invalidate the bullish setup and likely trigger deeper downside.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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