Galaxy Digital Moves 30,000 BTC, Causing Bitcoin Prices to Drop
Galaxy Digital transferred 30,000 BTC, valued at approximately $3.45 billion, to major exchanges, prompting a decline in Bitcoin prices. This movement followed the reception of 80,000 BTC from a dormant wallet last active in 2011. Key points include:
- The final 40,000 BTC transfer occurred a week prior, raising concerns about potential sales.
- Bitcoin's price fell below $115,000, a 2% decrease in one day.
- Over $950 million in crypto positions were liquidated, affecting more than 310,000 traders.
- Ethereum and XRP experienced larger declines, impacting Bitcoin's market dominance.
- Speculation suggests the whale may be cashing out or that Galaxy is arranging OTC sales for buyers like MicroStrategy or BlackRock.
- The Crypto Fear and Greed Index indicates increased caution among investors.
- Analysts are divided on whether this is a short-term shakeout or signals a deeper correction.
Galaxy’s actions have significantly affected the market dynamics, leading traders to prepare for potential future movements.