An ancient Bitcoin whale transferred 850 BTC, worth approximately $77.9 million, to Paxos on November 20, 2025, continuing a series of large-scale liquidity movements observed earlier in the month. This transaction followed a previous deposit of 2,300 BTC, underscoring a pattern of activity from a major early adopter whose identity remains undisclosed.
The transfer is interpreted as a custody-related move rather than a retail sell-off, signaling a growing preference for regulated platforms among long-term holders. Paxos, a U.S.-regulated blockchain and digital asset provider, has seen increased institutional interest, with these deposits potentially impacting BTC-pegged stablecoin dynamics and market liquidity.
Emmett Gallic, an on-chain analyst, noted, "The whale’s deposit is notable for shifting market sentiment toward institutional pragmatism, as large BTC holders increasingly prefer regulated, transparent custody over riskier options." Despite the substantial value involved, Bitcoin's price remained stable around $91,000 to $92,000, with no immediate market volatility observed.
The whale retains over 32,000 BTC, and analysts are monitoring for further activity that could influence compliance trends and market perceptions. This event has sparked discussions on security practices for dormant wallets and the broader implications for institutional adoption in the cryptocurrency space.
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