Bitcoin's recent drop to $115,363 has raised concerns in the market. The primary reason was a major BTC and USDT movement by Galaxy Digital.
Galaxy Digital's Bitcoin Distribution
Today, the price of Bitcoin fell by 2.6% within just 24 hours, catching the market off guard. According to reports, Galaxy Digital, led by Mike Novogratz, moved 11,000 BTC and withdrew over $1.15 billion in USDT from exchanges. This has shown a consistent pattern of BTC distribution by the firm since mid-July.
Adam Back's Reaction
Amid the rising concerns, Adam Back posted a message confirming that he purchased Bitcoin from his personal account, not on behalf of any fund. This was a personal decision, and Back took advantage of the price drop. His comment stands out given his status in the Bitcoin community and recent rumors of a significant transfer.
Conclusion
Despite the Galaxy Digital sell-off and Bitcoin's price drop, Adam Back continues to accumulate the asset. This highlights the contrast between institutional and individual actions in the market.
The latest events in the Bitcoin market indicate that despite the sell-off, there are individual players who see opportunities in price declines.
