According to data provided by analytics firm Lookonchain, financial services firm Galaxy Digital, which operates as a proprietary trading desk, has deposited 10,000 BTC (roughly $1.18 billion) to exchanges a few hours ago.
This has likely contributed to a rather sharp Bitcoin price drop that occurred earlier this Friday.
At 4:26 UTC, the price of the top coin plunged to an intraday low of $115,125, which is the lowest level since July 10.
For now, Bitcoin is struggling to recover, currently trading at $115,564.
As reported by U.Today, a Satoshi-era whale recently moved their remaining $4.77 billion to Galaxy Digital.
Lookonchain has clarified that the aforementioned 10,000 BTC specifically come from that O.G. whale.
The sell-off appears to be far from over. According to Lookonchain, Galaxy Digital just sent another 2,850 BTC (roughly $330 million) to exchanges roughly 20 minutes ago, putting more pressure on Bitcoin bulls.
A massive whale gets liquidated
Following the sharp Bitcoin drop, AguilaTrades, a mysterious whale widely tracked by the community, ended up being partially liquidated on his massive 20x long position. The whale lost $2.1 million from that liquidation.
Following the liquidation, the whale continues to hold a BTC position with a floating loss of $4 million. The whale’s overall portfolio is now down to $37 million.
According to CoinGlass data, $706.66 million has been liquidated over the past 24 hours, with long positions accounting for the lion’s share of the wipeout ($551.67 million).