25.07.2025 08:30
Galaxy Digital, a prominent cryptocurrency investment firm, recently executed a significant transfer of 10,000 Bitcoin (BTC), valued at approximately $1.18 billion, to various cryptocurrency exchanges. This massive transaction, completed within a few hours, triggered a noticeable market reaction, causing Bitcoin's price to plummet by 3%, settling around $115,000 after reaching an all-time high of $123,000.
The substantial BTC transfer is linked to a much larger event: the complete liquidation of an 80,202 BTC hoard by a long-term holder, often referred to as a "whale," who had accumulated these coins over 14 years ago when Bitcoin traded at prices below $4. This massive sell-off, totaling nearly $10 billion, unfolded over three days, with a final tranche of 40,192 BTC sent to Galaxy Digital just hours before their own significant exchange transfers. According to on-chain data from sources like Lookonchain, Galaxy Digital subsequently appears to have deposited and possibly sold the 10,000 BTC, withdrawing approximately $370 million in Tether (USDT) from major exchanges, suggesting potential settlement for over-the-counter (OTC) trades. Social media commentary from crypto entrepreneur AB Kuai Dong highlighted the ongoing nature of the sell-off, expressing cautious optimism about the market's limited downturn thus far.
Adding another layer of intrigue, Galaxy Digital's CEO, Michael Novogratz, concurrently voiced a bullish outlook on Ethereum (ETH) during a CNBC interview. Novogratz anticipates Ethereum to surpass Bitcoin in performance in the near future, citing factors such as a tightening ETH supply and growing institutional investment. His contrasting perspectives on Bitcoin and Ethereum highlight a significant shift in investment strategy within a major player in the cryptocurrency market. The situation underscores the volatility inherent in the cryptocurrency market and the potential impact of large-scale transactions on price movements.
