Recent transactions by Galaxy Digital involving bitcoins have caught the attention of analysts and market participants, as over 30,000 BTC were moved to major exchanges.
Bitcoin Transfers from Galaxy Digital
According to blockchain data, Galaxy Digital sold nearly 30,000 bitcoins worth approximately $3.5 billion. The majority of the transfers were directed to Binance and OKX, with one significant transfer involving 22,610 BTC, followed by several smaller moves.
Market Reactions and Forecasts
Following the sales, the price of bitcoin dropped about 3%, falling below $115,000. However, analysts note that such movements may not necessarily lead to a serious price correction. Ki Young Ju from CryptoQuant pointed to a 'generational turnover' in bitcoin holders, where older whale assets are being sold to new long-term whales. Additionally, Galaxy Digital retained around 18,504 BTC in its reserves.
Impact on the Crypto Industry
Despite the scale of the sale, some experts, such as EmberCN, believe the market can absorb the remaining BTC without significant disruptions, especially if sold gradually. Analysts from Bitfinex also highlight that this whale movement should not overshadow the positive trends in the market related to regulatory changes.
Thus, the recent sales by Galaxy Digital in the bitcoin market caused temporary price fluctuations, but analysts do not anticipate serious consequences for the crypto industry in the long term.
