On July 25, Galaxy Digital, a leading player in digital assets and blockchain infrastructure, revealed that the company had executed one of the largest notional bitcoin transactions in the history of crypto on behalf of a client, selling over 80,000 Bitcoin, worth approximately $9 billion.
According to the official press release, this massive offload linked to the client’s estate planning strategy displays one of the most significant exits from the crypto market by a Satoshi-era holder.
Earlier today, Blockchain data from Arkham revealed that Galaxy Digital moved 22,610 BTC, followed by additional deposits, including a 2,850 BTC batch, to major platforms like Binance and OKX.
Over 14 hours, about 27,000 BTC was tracked. From that, an on-chain analyst found that 12,355 BTC went to unknown wallets from Galaxy Digital. These could be for private storage, large private trades, loans, or big investors moving funds.
Among the known destinations:
- Binance received the most: 5,500 BTC
- Bybit got 3,754 BTC
- OKX took 2,880 BTC
- Bitstamp got 2,469 BTC
- Coinbase Prime received smaller amounts
The biggest single transfer was 515 BTC, made up of over 40 smaller transactions. Around the same time, Bitcoin’s price dropped about 3%, leading some to wonder if these moves caused the dip.
Arkham Intelligence data shows that Galaxy’s wallets still hold 12,952 BTC. They also have $381 million in other cryptocurrencies like Ethereum, Solana, and stablecoins.
Bitcoin Drops Below $116,000 Following Galaxy Digital’s Bitcoin Dump
On Friday, Bitcoin plunged below $116,000, which triggered a broad risk-off sentiment across the crypto market. The crypto market experienced heavy losses as many leveraged trades were forced to close around the same time Galaxy sold Bitcoin. In just 24 hours, $647.35 million worth of trades were liquidated, hitting both Bitcoin and altcoins.
However, at the time of writing, BTC has regained the $117,000 mark as it is currently trading at around $117,264 with an impressive market capitalization of $2.33 trillion, according to CoinMarketCap.
Michael Novogratz, CEO of Galaxy Digital, shared a positive outlook for Bitcoin, saying, “We’re in price discovery in many of these markets. Bitcoin could easily reach $130K to $150K, but Ether’s supply dynamics and growing adoption make it compelling.”
On the other hand, Citibank’s new report predicts that Bitcoin could see major price changes in 2025, with three possible outcomes. In their middle forecast, Bitcoin might hit $135,000, while their most optimistic prediction suggests it could reach $199,000 by the end of the year. The bank’s projections consider different economic and market situations that could affect Bitcoin’s value.
Also Read: Bitcoin Open Interest Hits Records As Price Slides; Is a Major Move Loading
