The sale of 80,000 BTC by Galaxy Digital, valued at over $9 billion, had a significant impact on the cryptocurrency market, causing Bitcoin's price to drop.
Bitcoin Price Drop
Bitcoin's price fell over 3% after Galaxy Digital completed one of the largest BTC sales. The transaction involved over 80,000 BTC worth more than $9 billion. Galaxy Digital confirmed the sale in an official statement.
Market Impact
Following the massive sale, Bitcoin briefly traded below $115,000. This decline is attributed to the psychological and oversupply effects of such a significant sale. The sale also affected other cryptocurrencies, such as Ethereum and major altcoins.
Historical Whale Movements
Historical whale movements have led to temporary volatility increases, as seen in 2018 and 2021. Such sales produce market anxiety until the increased supply is absorbed by the market.
The BTC sale by Galaxy Digital marks a significant milestone in the cryptocurrency world, showcasing the impact of large transactions on market prices and investor sentiment.
