Part 7/12:
The identity of this long-term holder remains anonymous, fueling rampant speculation. Several theories have emerged:
- Institutional Actor Hypothesis:
Some pointed fingers at major industry players like Galaxy Digital, led by Mike Novogratz. During Galaxy’s Q3 2025 earnings report, a line referencing “the sale of more than 80,000 Bitcoin on behalf of a client” prompted rumors that Galaxy was handling a massive OTC sale. However, blockchain data contradicts this, showing the coins were moved into new addresses and not sold. Analysts suggest these might be two separate events—one a security upgrade, the other an unrelated sale handled through different channels.
- The Early Pioneer Theory: