Recent actions by Galaxy Digital have led to a sharp drop in Bitcoin prices. The transfer of significant amounts of BTC to exchanges has raised concerns among traders and analysts.
Bitcoin Price Drop
Bitcoin's price temporarily fell to $115,000 overnight. This drop occurred after Galaxy Digital transferred 11,910 BTC, worth approximately $1.39 billion, to exchanges within just nine hours.
Galaxy Digital's Sell-Off and Potential Consequences
According to data from SpotOnChain, the transferred funds are linked to an 'ancient whale', previously responsible for a $9.5 billion sell-off. Analysts believe that this address is connected to Galaxy Digital, raising concerns about further sales. Over 22,700 BTC were also seen being sent to platforms like Binance and Coinbase, while Galaxy Digital still holds another 15,000 BTC, which could create additional market pressure.
Future of Altcoins
Despite the drastic fluctuations in Bitcoin prices, traders express hope for potential growth in altcoins. The last major Bitcoin sell-off by Galaxy Digital previously contributed to altcoin rallies, and there is speculation that the company may rotate some of the offloaded capital into altcoins, possibly initiating the next altcoin season.
Galaxy Digital's actions have caused significant volatility in Bitcoin prices and may affect the altcoin market. Analysts and traders are gradually adapting to the ongoing changes.
