Silk Road is known as one of the first major darknet marketplaces in cryptocurrency history. It also serves as a prominent example of how Bitcoin was used in illicit economies.

Unexpected Activity in Silk Road Wallets

According to blockchain analytics platform Arkham, wallets linked to Silk Road conducted 176 transactions on Tuesday. This represents the highest activity in the last five years. Previous years saw only a few minor test transactions. The new wallet, starting with bc1qn, holds only the $3.14 million transferred recently. The primary Silk Road wallets still contain about $38.4 million in Bitcoin.

This activity occurred following Ross Ulbricht’s full pardon by former U.S. President Donald Trump. Ulbricht, the founder of Silk Road, had been convicted of creating and operating the darknet marketplace and sentenced to double life imprisonment in 2015. After the pardon, supporters donated around $270,000 worth of Bitcoin to the Free Ross campaign.

Ulbricht May Still Hold Millions in Bitcoin

The U.S. government seized at least $3.36 billion worth of Bitcoin from Silk Road. However, some industry observers claim that Ulbricht may still possess several undiscovered wallets. Coinbase executive Conor Grogan revealed that 430 BTC, approximately $47 million, remains untouched in dormant wallets for over 13 years. Another wallet possibly linked to Ulbricht holds $8.3 million in Bitcoin, and in the past ten months, only three small test transactions were recorded.

Key details about wallets:

• 176 transactions represent the highest activity in five years.

• The new wallet holds only $3.14 million in BTC.

• Primary wallets still contain $38.4 million.

• Undiscovered wallets potentially hold $47 million in BTC.

These movements demonstrate that Silk Road’s influence in digital markets persists and that some Bitcoin remains traceable. Experts note that the owner of the new wallet has not been confirmed, and any future transactions are being closely monitored.

Silk Road’s Ongoing Impact on the Crypto World

The resurfacing of Silk Road activity is seen as a warning for both darknet markets and cryptocurrency investors. Meanwhile, blockchain records continue to prove valuable for tracking past illicit activity and identifying potential risks in advance.

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BlackRock Sends High-Value BTC to Coinbase

Arkham’s on-chain tracking confirms that BlackRock deposited 6,735 BTC, worth roughly 616.09 million dollars, into Coinbase Prime. These transactions occurred during a period of heightened volatility in the crypto market. The transfers mostly originated from the IBIT Bitcoin ETF pool, which signals active liquidity management on the institutional side. This activity also highlights Coinbase Prime’s role in high-volume ETF-related operations.

The rapid sequence of deposits drew immediate industry attention. Analysts suggested that these movements reflect increased institutional engagement with Bitcoin ETF products. Additionally, the visible surge in BTC inflow strengthened expectations for continued growth in institutional trading activity.

Ethereum Deposits Near 200 Million Dollars

Alongside its Bitcoin transactions, BlackRock also transferred a substantial amount of Ethereum. Arkham data shows the company deposited 64,706 ETH, valued at about 199.73 million dollars, into Coinbase Prime. This action indicates expanding institutional positioning within the Ethereum ETF ecosystem.

Repeated 10,000 ETH deposits stand out in the dataset, showing back-to-back transfers executed within minutes. This pattern suggests highly coordinated liquidity operations. Moreover, the strong rise in Ethereum inflow drew market attention as traders watched ETF-related activity closely.

Key Details from Arkham’s Transaction View

The Arkham dashboard highlights categories such as INFLOW, OUTFLOW and SWAPS, while listing dozens of rapid transactions from BlackRock’s ETF wallets to Coinbase Prime. The dataset includes several recurring entries.

• Multiple 300 BTC transfers from BlackRock’s IBIT wallet to Coinbase Prime
• A notable 135.351 BTC entry appearing in the transaction list
• Two consecutive 10,000 ETH transfers from the ETHA ETF wallet

These entries offer a clear picture of aggressive institutional movement. They also demonstrate the increasing role of ETF-linked liquidity flows in shaping short-term price dynamics across the crypto market.

Institutional Activity Accelerates in the Crypto Market

The combined value of BlackRock’s BTC and ETH deposits exceeds 815.82 million dollars, marking one of the most significant institutional inflows of the year. The scale of the movement suggests stronger demand for crypto-based financial products. Furthermore, the rapid series of transactions points to carefully managed ETF strategies. This trend reinforces Coinbase Prime’s importance as a major liquidity venue for institutional investors.

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Satoshi-Era Wallet Becomes Active After More Than a Decade

According to Whale Alert, the wallet’s unknown owner mined approximately 4,000 BTC between April and June 2009, just months after the Bitcoin network went live. Data from Nansen shows that the whale sent 150 BTC (worth over $16 million) in a single transaction on Thursday.

On-chain data from Mempool indicates the address may have once held as much as 7,850 BTC. The whale was last active in June 2011, when it consolidated all its Bitcoin into a single wallet. With Bitcoin currently trading around $110,604, the whale’s remaining holdings are estimated to be worth over $442 million.

Analysts Spot Growing Activity Among OG Bitcoin Whales

Independent blockchain analyst Emmett Gallic noted that this particular whale once held over 8,000 BTC across multiple addresses and has been gradually selling portions of its holdings for years.

He commented on X (formerly Twitter):

“A whale that once held 8,000 BTC has reactivated a Satoshi-era wallet. After today’s 150 BTC move, it’s now steadily selling down to 3,850 BTC. God-level DCA strategy.”

Blockchain data confirms that the address now holds roughly 3,850 BTC. Such on-chain movements often trigger speculation among investors about whether early holders are preparing to offload more coins into the market.

What Does This Mean for the Bitcoin Market?

In July, another early Bitcoin address holding 80,201 BTC became active for the first time in 14 years, transferring part of its funds to Galaxy Digital.
Crypto analyst Willy Woo observed in June that whales holding over 10,000 BTC have been consistently reducing their exposure since 2017.

However, experts told Cointelegraph in August that old whales cashing out shouldn’t be seen as a bearish signal. Instead, it often means that new institutional buyers are entering the market — a healthy sign of a maturing Bitcoin ecosystem.

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This transfer came shortly after Galaxy Digital executed a Bitcoin sale exceeding 80,000 BTC last week. The massive sale drew attention as it involved a wallet dormant for about 14 years, dating back to the Satoshi era. Industry analysts consider this one of the largest Bitcoin liquidations in history. After the sale, Galaxy Digital’s wallet reportedly held about 8,400 BTC. 

Is #GalaxyDigital helping clients sell $BTC again?

In the past 12 hours, GalaxyDigital has transferred out another 3,782 $BTC($447M), most of which went to exchanges.https://t.co/lD8tgkBx00https://t.co/u8s0VjLG5p pic.twitter.com/4wqf8DZx2y

— Lookonchain (@lookonchain) July 29, 2025

Galaxy Digital’s BTC moves shake the market 

The transfers were directed to major exchanges such as Binance, Bybit, OKX, and Bitstamp, which was interpreted as a move for institutional liquidity provision or portfolio rebalancing. Galaxy Digital has not yet issued an official statement regarding these new transfers. 

Between July 21 and 27, Galaxy Digital carried out one of the biggest Bitcoin sales in crypto history. The company sold more than 80,000 BTC, held from the very beginning by a client from the Satoshi era, for approximately $9 billion. This historic sale caused Bitcoin’s price to temporarily drop below $115,000. 

These high-volume transactions by Galaxy Digital caused fluctuations in the crypto market. Bitcoin briefly dropped to $115,000 after the sales but recovered and rose above $119,000 once the selling pressure eased. 

However, on-chain data indicates that activity continues, highlighting the impact of institutional players’ strategic moves in the market. This move, possibly part of liquidity provision, portfolio rebalancing, or a new sales plan, is being closely monitored by investors.

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This transfer is the first significant high-volume movement recorded for SpaceX since transactions made in 2021. The transaction comes amid a renewed rise in Bitcoin prices. 

However, the recipient wallet address does not yet have a known institutional identity. The address starting with bc1q8ka…vwg7u leaves the strategy behind the transaction unclear. 

Similarities with Past Bitcoin Transactions 

In 2021, SpaceX transferred a total of 4.7K BTC to various wallets via Coinbase Prime. These moves had offered key insights into the company’s crypto strategy. Most of those transfers at that time were directed to the Coinbase exchange. 

On the other hand, a notable detail after this new transfer is the transaction route. The transferred BTC was sent not to known exchange wallets but to a “passive” address with no prior transaction history. This suggests the funds might have been moved for restructuring or custody purposes rather than for sale. 

According to Arkham Intelligence reports, SpaceX currently holds approximately 8,285 BTC. This gives the company a digital asset portfolio worth about $560 million. Arkham Intelligence identified these wallets as belonging to SpaceX through previous transactions, Coinbase Prime links, and on-chain patterns. 

Meanwhile, the same reports show Tesla still holds 11,509 BTC. Combined, the two companies hold a total of 19,794 BTC. 

Elon Musk’s Crypto Asset Strategy Back in Focus 

The timing of the transfer has not gone unnoticed by market observers. Moreover, the large amount signals confidence in potential BTC movements between institutions. High-volume transactions by corporate firms indicate renewed interest in the market and boost confidence in the sector. SpaceX’s transfer has brought Elon Musk’s crypto asset strategy back into the spotlight. 

Especially as Fed and SEC’s statements on crypto regulations remain topical, such transactions gain even more significance.

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According to experts, this fund transfer could indicate two possibilities. First, Mt. Gox may be preparing to start repayments to its creditors. Second, the exchange might be aiming to provide liquidity by releasing its Bitcoin holdings into the market. In either scenario, the introduction of such a large amount of BTC into circulation could exert significant downward pressure on prices.

Details of the $905 Million Bitcoin Transfer

Official reports show that Mt. Gox sent a total of 11,501 BTC to two different addresses. While $905 million worth of BTC was transferred to an unidentified wallet, the remaining portion continues to be held in a warm wallet. It’s also reported that a 20 BTC test transaction was conducted beforehand to verify the system’s operation.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Last week, Mt. Gox had already moved more than $1 billion worth of Bitcoin to another address. Given that Mt. Gox still holds 35,915 BTC (valued at around $2.8 billion), these transfers are expected to continue impacting the market. Investors are closely monitoring any new transactions from these wallets.

What Will Be the Impact on Bitcoin’s Price?

Following news of the transfer, Bitcoin fell below $77,000, intensifying selling pressure. Experts highlight that current support levels are weak and that the market is going through a fragile period. Arthur Hayes, co-founder of BitMEX, stated that Bitcoin could experience sharp volatility between the $70,000 – $75,000 range.

Ryan Lee, an analyst at Bitget Research, predicts that if Bitcoin loses support at $77,000, prices could decline to the $70,000 – $72,000 zone. However, in a strong recovery scenario, BTC could quickly rise back toward the $80,000 – $85,000 range. Investors will be watching both Mt. Gox wallet movements and overall market developments closely.

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The wallet, labeled Genesis Trading, has transferred a total of more than 12,600 Bitcoins in the last 30 days, with the value of these Bitcoins approximately $719.9 million. These transfers generally occurred between 500 and 700 BTC. The wallet currently holds 33,356 Bitcoins, down from more than 46,000 BTC on June 12. This data is provided by Arkham Intelligence.

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The multimillion-dollar Bitcoin transfers come two months after New York State Attorney General Letitia James announced that her office had reached a settlement with Genesis requiring it to pay $2 billion to defrauded investors who participated in its Earn program.

The address labeled Genesis Trading may be preparing to start refunding users. The wallet reportedly currently holds a total of $2.28 billion worth of cryptocurrencies, of which $1.91 billion is Bitcoin and $364 million is Ethereum.

This amount exceeds the $2 billion in digital assets that the platform must pay out to defrauded investors who participated in the Earn program.

On June 14, the New York Attorney General’s Office announced that more than $50 million had been recovered from Gemini and that the amount would be returned to investors in the exchange’s Earn program.

The agreement prohibits Gemini from operating any cryptocurrency lending programs in New York state. “Anyone deceived by Gemini will get their money back,” James said on the X platform. Gemini Trust said affected Earn users will be able to receive 100% of the assets owed to them within seven days.

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