Bitcoin is swiftly recovering from its recent price dip caused by a large sell-off from Galaxy Digital. Despite concerns, the market holds strong due to ample liquidity.
Sale by Galaxy Digital
In the past 24 hours, Galaxy Digital moved nearly 30,000 BTC valued at approximately $3.5 billion from its wallets, most of which were sold on exchanges. The first batch of 10,000 BTC was deposited on major exchanges like Binance and OKX, followed by another 2,850 BTC. Blockchain data confirms that shortly after these deposits, Galaxy began pulling stablecoins in exchange.
Market Trends
Currently, Bitcoin is trading around $116,000, showing a recovery from recent lows near $114,700. While it is still down 1.6% on the day, the current price demonstrates improvement after the brief decline. This rebound is also supported by Bitcoin ETFs, which halted a three-day outflow streak with approximately $227 million in net inflow.
Outlook for Future Sales
Galaxy Digital still holds about 18,500 BTC. A significant portion of the untouched 80,000 BTC from the Satoshi-era wallet remains, suggesting further sales could follow. However, according to the on-chain tracker EmberCN, the current sales are taking place in a mixed market format, which minimizes the impact on prices due to liquidity holding up.
The Bitcoin market has displayed its ability to recover despite large sell-offs. With strong liquidity and support from ETFs, BTC remains stable and may continue to gain traction among investors.
