A recent sale of 80,000 BTC facilitated by Galaxy Digital has caught the attention of investors and analysts in the cryptocurrency space, highlighting how the market deals with large transactions.
Sale of Bitcoin and its Consequences
A Bitcoin whale sold over 80,000 BTC worth approximately $1.7 billion through Galaxy Digital. This sale led to a short-term price drop from $117,000 to $115,000, but its overall impact on the market was minimal, indicating deep liquidity.
Market Reaction to the Sale
Despite the brief price decline, the market quickly stabilized, demonstrating its resilience. The transactions were carried out without direct statements from Galaxy Digital, and blockchain analysis revealed movement from wallets dating back to 2011.
Market Analysis and Expert Comments
Analysts noted that institutional-level sales are impacting book liquidity. Researcher Cauê Oliveira from BlockTrends stated, 'Institutional selling activity became detectable... A net outflow of 40,000 BTC from large player wallets occurred over seven days.'
The sale of a significant amount of Bitcoin underscores the dynamics and maturity of the cryptocurrency market, which successfully manages substantial transactions without serious price pressure.
