Bitcoin has been the clear leader of this bull run – but that narrative is starting to shift.
After weeks of strong performance from altcoins like ETH, XRP, and SOL, Bitcoin is beginning to lag behind. And now, a new wave of on-chain activity is raising serious concerns.
According to a detailed thread from elite analyst Crypto Patel, a massive BTC distribution event may already be in motion, with billions worth of Bitcoin being moved by a long-time holder to centralized exchanges.
Here’s what we know.
80,000 BTC Holder Just Started Moving Billions
On July 15, a Bitcoin OG wallet holding 80,009 BTC – valued at around $9.6 billion – began making large transfers.
It started with:
- 9,000 BTC (~$1.06B) sent to Galaxy Digital
- Followed by another 7,843 BTC (~$927M)
In total, 16,843 BTC (~$2B) was moved to Galaxy in a single day.
Later that same day, an even larger transaction hit the chain:
- 40,009 BTC (~$4.68B) sent to Galaxy Digital
Massive Bitcoin Sell-Off in Progress?
Here’s the full activity of the Bitcoin OG holding 80,009 $BTC (~$9.6B):
15 July
▪️ 9,000 BTC ($1.06B) sent to Galaxy Digital
▪️ Another 7,843 BTC ($927M) followed
➡️ Total: 16,843 BTC ($2B) moved to GalaxyGalaxy Digital
— Crypto Patel (@CryptoPatel) July 25, 2025
▪️ Started… pic.twitter.com/mrpw1gMup5
Transfers to Exchanges Signal Distribution
Galaxy didn’t just sit on that BTC.
Crypto Patel notes that Galaxy Digital began depositing BTC to exchanges, including:
- 2,000 BTC (~$236M) sent to Binance and Bybit
By July 17, another 40,192 BTC (~$4.77B) was moved to a new wallet (bc1qs4), and then on July 18, all of it was sent back to Galaxy Digital.
And the most alarming move?
Read also: How to Trade DOGE, SHIB & Other Meme Coins Successfully: 7 Rules From a Pro
30,109 BTC Transferred in the Past 24 Hours
On July 25, a fresh wave of 30,109 BTC – worth over $3.5 billion at current prices – was transferred from Galaxy Digital to a mix of exchanges and new wallets.
That kind of movement isn’t noise – it’s supply hitting the market.
As a result, Bitcoin dropped over 3% within a few hours, breaking key support zones and increasing sell pressure across the board.
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What This Means for Bitcoin Holders
This isn’t a random whale selling a few coins.
This is a structured offload of billions in BTC, carried out by one of the largest known OG wallets, in coordination with a major firm like Galaxy Digital.
Crypto Patel believes this is shaping up to be a major distribution event, and he’s urging traders to stay alert and manage risk accordingly.
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