Galaxy Executes Historic 80,000 BTC Satoshi-Era Whale Exit

Galaxy Digital facilitated a historic $9 billion Bitcoin sale for a Satoshi-era investor on July 25, becoming the largest-ever notional BTC transaction. The sale involved over 80,000 Bitcoins, substantially reducing the holdings of an early-era whale, while BTC's price barely budged during the deal.

Galaxy stated that the massive liquidation was part of the investor’s broader estate planning strategy. The event immediately sparked intense debate across crypto circles about whether Bitcoin's foundational believers remain committed to the long-term vision of the asset.

Crypto analyst Scott Melker claimed that early BTC whales are increasingly cashing out, suggesting Bitcoin’s original ethos may be fading. Critics quickly countered that a single major sale, especially related to estate planning, doesn’t equate to an ideological shift among Bitcoin's original community.

However, supporters of Melker's viewpoint warned this massive exit symbolizes Bitcoin’s absorption into institutional finance, potentially straying from its original cypherpunk ideals. Yet others argued institutional involvement is Bitcoin's inevitable path to mainstream monetary significance, dismissing ideological concerns as exaggerated.

Tether Gold Supply Backed by 7.66 Tons of Bullion

Tether confirmed that nearly 250,000 XAUT tokens in circulation are backed by over 7.66 tons of London Good Delivery gold stored in Swiss vaults. Each token represents one troy ounce of gold, giving XAU₮ a total market capitalization of approximately $830 million. The company stated that demand has grown due to rising debt levels and ongoing volatility in global fiat markets.

Launched in 2020, Tether Gold remains one of the top gold-backed cryptocurrencies with redemption for physical bullion under regulated frameworks. The asset is available on top CEXs like Kraken and Bitfinex, and is increasingly seen as a hedge by both retail and institutions. CEO Paolo Ardoino said expanding transparency through a Big Four audit remains a priority amid plans to enter US markets post-GENIUS Act.

Pudgy Penguins Dismisses Rumored OpenSea Acquisition

Pudgy Penguins denied speculation that it acquired OpenSea, with project leadership calling the rumors unfounded. Beau, the group’s head of security, responded on X by redirecting attention to brand deals with Lufthansa and NASCAR. The clarification followed resurfaced social media posts referencing acquisition interest from late 2024.

Community chatter linked the project’s December announcements to OpenSea’s changing policies, prompting speculation about an undisclosed merger. Pudgy leadership emphasized instead that their focus is on launching new products, including the Web3 game Pengu Clash on TON. The project’s expansion into toys and partnerships aligns with its strategy to become a cross-platform NFT brand.

Winklevoss Claims JPMorgan Blocked Gemini Onboarding

Gemini co-founder Tyler Winklevoss alleged that JPMorgan paused its onboarding process after he criticized the bank’s fintech data access policy. In a post on X, Winklevoss claimed his remarks about JPMorgan’s data fees being anti-competitive led to a retaliatory move. The bank previously offboarded Gemini in 2023 during Operation Choke Point 2.0 and later reconsidered the relationship.

Winklevoss argued JPMorgan’s new rules restrict user access to third-party fintech tools like Plaid, which bridge crypto wallets and banks. He said the bank’s practices threaten crypto adoption and vowed to continue pushing back against regulatory overreach. Gemini has since filed for a US IPO, with share details pending final approval from the SEC.

Data of the Day

Fidelity Digital Assets reported that 35 public companies now each hold over 1,000 BTC, up from 24 in Q1 2025. The surge follows President Trump’s executive order on federal Bitcoin reserves, which boosted corporate appetite for BTC exposure. Bitcoin holdings among these firms now total more than $116 billion, according to Fidelity’s Chris Kuiper.

The US leads in corporate BTC adoption, followed by Canada and the UK, as institutional investment rose 35% quarter-over-quarter. The number of public entities with BTC positions has more than doubled in recent months. Analysts say record open interest above $45 billion suggests markets are poised for a breakout accompanied by rising institutional leverage.

More Breaking News

• EigenLayer has introduced multi-chain verification, enabling Actively Validated Services to deploy across Layer 2s like Base while retaining Ethereum-level security guarantees.
• Federal prosecutors said they may charge Dragonfly Capital partners for early Tornado Cash funding as Roman Storm’s trial continues in New York court.
• Windtree Therapeutics secured a $520 million credit deal, planning to use 99% of proceeds to build one of the largest corporate BNB treasuries.
• Wyoming is preparing to launch its own stablecoin, WYST, pitched as a constitutionally governed alternative to CBDCs with potential for yield in future.
• Japanese AI firm Quantum Solutions plans to build a 3,000 BTC treasury over 12 months to hedge fiat risk and stabilize asset reserves.
• SharpLink Gaming has appointed ex-BlackRock crypto head Joseph Chalom as co-CEO, reinforcing its Ethereum treasury strategy with over 360,000 ETH already acquired.
• A solo Bitcoin miner successfully mined a block worth $373,000, defying immense odds and highlighting the slim but possible wins for independent operators.

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