Recent withdrawals of BTC from Galaxy Digital to crypto exchanges spark concerns over potential market pressure. According to analyst Maartunn, 2,500 BTC, worth approximately $296 million, was withdrawn.
Signals of Bitcoin Selling
Community analyst Maartunn confirmed that 2,500 BTC was withdrawn from Galaxy Digital and sent to various crypto exchanges. This could indicate an upcoming wave of selling pressure in the Bitcoin market.
Recent Sale of 80,000 BTC
Previously, Galaxy Digital drew attention after transferring approximately 80,000 BTC from ancient Bitcoin wallets into its custody. This led to a sharp decline in Bitcoin price on July 25, when it became known that Mike Novogratz's trading platform had started depositing thousands of coins onto exchanges.
Market Reactions and Analyst Opinions
In light of the large BTC withdrawals, there are speculations regarding whether OG holders have lost faith. Some experts, like Matt Hougan from Bitwise, argue that Bitcoin is still 'pretty revolutionary' and has not lost its foundational purpose, despite Wall Street's involvement.
The massive BTC withdrawals from Galaxy Digital raise questions about the future of the cryptocurrency market and the stability of trust among its long-term holders.
