Key Takeaways:
- 80,000 BTC transfer sparked whale dump fears, but could it be part of an estate strategy?
- Could it be the same whale? 80,000 BTC might have been bought back on Coinbase after appearing as sells on Binance
- Galaxy Digital confirms the transfer was part of a legal estate planning strategy
A massive 80,000 Bitcoin (BTC) transfer caught the attention of on-chain analysts this week, raising alarms of a potential whale-driven sell-off. However, according to insights from Galaxy Digital and on-chain expert Willy Woo, the move may not be a market exit but rather part of a broader estate planning strategy.
Willy Woo: “Not a Dump, Just a Tax Reset”
Willy Woo is a leading on-chain expert in the cryptocurrency space. He has since amassed a following of more than 1.2 million on X as a result of his well-regarded observations. According to on-chain expert Willy Woo, the BTC that appeared on Binance’s order books as a sell, was reportedly bought back on Coinbase, speculations arising whether it could be the same entity executing a cross-exchange transfer.
He later added that this type of activity is often part of broader estate or tax planning, especially for long-term holders reallocating assets through legal structures. People might move their assets into a new financial or legal structure in another nation (referred to as a “domicile”). They might have to “sell” the BTC on paper in their previous nation in order to pay any taxes due there, and then “buy” it again in the new structure or nation in order to establish a new official price (referred to as a cost basis) for upcoming tax calculations.
Galaxy Digital Confirms Legal Structuring Likely
Moreover, Galaxy Digital also confirmed that the transaction was part of a broader estate planning strategy.
Whale Moves vs. Retail Panic
The 80K BTC movement briefly triggered selling pressure across social media, with traders fearing an incoming dump. Although the general market frequently misunderstands this type of “legal sell” followed by an instant rebuy, it is an example of an institutional approach to crypto asset management that is maturing.
