Bitcoin climbs to $117K after Galaxy completes 80K BTC sale for early whale

Key Takeaways

• Bitcoin dropped to $115K early Friday as news of Galaxy’s 80K BTC transaction surfaced.
• Galaxy executed the historic $9B deal on behalf of a legacy investor as part of estate planning.

Bitcoin traded near $117,000 Friday afternoon after Galaxy Digital confirmed it executed a historic 80,000 BTC sale for a Satoshi-era investor.

The transaction, worth more than $9 billion at current prices, was one of the largest notional Bitcoin sales ever recorded. Galaxy said the deal was part of the early investor’s estate planning strategy and represents one of the most significant exits in Bitcoin’s history.

The effects of the selling were felt Thursday night and early Friday morning as Bitcoin fell to $115,000. A CryptoQuant analyst noted that more than 32,000 BTC, linked to Galaxy Digital, were deposited to exchanges in a short window, contributing to the sharp drop.

By Friday afternoon, Bitcoin had stabilized and began climbing again, with the asset currently exchanging hands around $117,000.