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Bitcoin’s meltdown has abruptly halted. Bitcoin’s summer melt-up has come to an abrupt halt. The 2.7 percentage-point slide followed an unmistakable on-chain signal: Galaxy Digital quietly pushed more than 10,000 BTC—worth about $1.18 billion at the time—onto major exchanges in less than eight hours, according to wallet-tracking firm Lookonchain.
Galaxy Digital Triggers Bitcoin Slide
“Bitcoin sell-off still underway! Galaxy Digital deposited another 2,850 BTC ($330.44M) to exchanges,” Lookonchain warned On X, in the morning European hours early on, the transaction was noted as coming from a Satoshi whale who awoke this month. Before that, an alert was posted by the analytics account: “Note that Galaxy Digital has deposited over 10,000 BTC ($1.18B) to exchanges in the past 8 hours!” Arkham Intelligence’s dashboards displayed a string of transactions totaling millions of dollars on Binance Bybit OKX.
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The latest in the series of a saga that began on 4 JulyWhen an old address, dormant from 2011, began to chop an 80 0009 BTC treasure into 10 000 coin tranches. By 18 July the final 40,191 BTC—worth $4.8 billion—had landed at Galaxy, a move many analysts interpreted as a potential sale.
This potential is now a reality. Galaxy sells Bitcoin almost every minute, according to data on the blockchain. BTC is responding with textbook symmetry. Spot BTC fell through $118,000 in the Asian session, before falling to $116,000 when London opened. This wiped out $55 billion of bitcoin’s value within just four hours.
Galaxy Digital was founded by Michael NovogratzThe company hasn’t made any public comments at this time and filed no Form 8-K which could indicate a reshuffle of the balance sheet. Novogratz reiterated his opinion on CNBC, yesterday. Ether could “outperform” “Bitcoin over the coming months”, but did not suggest a near-term sale.
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While the motives of market participants remain opaque, they were quick in their speculation. “Looks like the Bitcoin selloff is Galaxy Digital market dumping from a batch of 80K BTC. Could be because they were asked to for a client, something related to Saylor, or moving into Ethereum as Novogratz suggested ETH may move more than BTC in the next few months (today on CNBC). Not worried. They have about 27K left to sell (if they’re selling the full 80k), people buy, life goes on, it continues upwards,” Autism Capital, a cryptocurrency-focused account posted X.
Charles Edwards, founder of Capriole Investments commented Via X “At the same time that this OG whale is dropping 10K slugs into spot markets today, we have 30K of leveraged longs opening on the dip. Not a price prediction and changes nothing mid- to long-term, but this is not a great sign for the short-term price action. Even if all 80K BTC are nuked, if Treasury Company demand remains consistent, it will all be consumed in a couple weeks.”
BTC is currently trading for $115 476.
Featured Image created using DALL.E and chart from TradingView.com
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Source: www.newsbtc.com
