A massive Bitcoin sale sent shockwaves through the crypto market. Galaxy Digital sold over 80,000 BTC (worth over $9 billion!), making it one of the biggest crypto transactions ever. This caused wild price swings and lots of speculation.
The 14-Year-Old Secret
CryptoQuant’s CEO, Ki Young Ju, revealed a juicy detail: these Bitcoins had been chilling in wallets for 14 years! They came from the now-defunct MyBitcoin platform, which went belly up in 2011 after a hack. This has everyone wondering – was the seller the original owner, an early miner, or maybe even the hacker?
Who’s the Whale?
The mystery deepens. Ju suggests the coins might belong to the MyBitcoin hacker or even its founder, Tom Williams. Galaxy Digital apparently bought the Bitcoin from this mysterious source, but it’s unclear if they fully investigated where the coins came from. This massive sale has traders worried about potential future sell-offs. The next few days will be crucial for Bitcoin’s price.
Ethereum’s Rise
While Bitcoin is all over the place, Ethereum (ETH) is doing better, showing a shift in the crypto market. This could be a big deal for the overall market in the coming weeks.
Bitcoin’s Price Action
Looking at the Bitcoin chart, after a brief dip below $117,471, it bounced back strongly around $115,724 – a key support level. This shows strong buying interest. Bitcoin is now trading around $117,300 and trying to break above another resistance level around $118,118. If it succeeds, we might see it retest its previous high around $122,077. However, if it fails to hold above $117,471 or drops below $115,724, things could get worse. The recent price action might have cleared out some weak traders, setting the stage for the next big move.