Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Monday, July 28th, and today we are talking about one of the biggest

Bitcoin OTC deals ever. Before we get into that, however, if you are enjoying the breakdown,

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All right, friends, Galaxy Digital has sold 80,000 Bitcoin in one of the largest OTC deals ever.

Early on Friday, on-chain analysts noticed a large quantity of Bitcoin on the move from Galaxy

to a range of large venues like Binance, OKX, and BitStamp. The funds were linked to the ancient

Bitcoin wallets that woke up after 14 years earlier this month. By Friday afternoon, the transfer

of funds was completed, and Galaxy put out a press release to discuss the trade. They announced

that they had successfully executed, quote, one of the largest notional Bitcoin transactions

in the history of crypto on behalf of a client.

The Satoshi-era Bitcoinser had cashed out $9 billion. That's one and a half times as much Bitcoin as the German government sold this time last year at about five times the dollar

value. Galaxy didn't include any information that could identify this well or their intentions

merely stating, the transaction was part of

the investor's broader estate planning strategy. Galaxy also posted this press release on the

Bitcoin blockchain using Op Return, which was a nice flourish to a historic event.

Most commentators seemed to assume that the investor exited to cash rather than transferring

the funds straight back into an ETF for a Bitcoin treasury vehicle,

but realistically it doesn't matter that much what happened to the money. The news flow reported this is a sale, and the narrative that someone sold Bitcoin could have been incredibly

...