Bitcoin, previously leading the market, is now under pressure from altcoins. A significant BTC movement raises concerns among investors.
Movement of 80,000 BTC
On July 15, a wallet holding 80,009 BTC (approximately $9.6 billion) began executing large transactions. That day, the following amounts were transferred:
* **9,000 BTC** (~$1.06 billion) sent to **Galaxy Digital** * Followed by another **7,843 BTC** (~$927 million)
In total, **16,843 BTC (~$2 billion)** was moved to Galaxy in a single day. Later that same day, an even larger transaction occurred:
* **40,009 BTC** (~$4.68 billion) was also sent to Galaxy Digital.
Transactions to Exchanges and Distribution Signals
Galaxy Digital did not just hold that BTC. According to analyst Crypto Patel, the company began:
* **2,000 BTC** (~$236 million) sent to **Binance and Bybit**.
By July 17, another **40,192 BTC** (~$4.77 billion) was moved to a new wallet, and then on July 18, all of it was sent back to Galaxy Digital.
Impact on Bitcoin Holders
On July 25, a fresh wave of **30,109 BTC** worth over **$3.5 billion** was transferred, causing significant price pressure on Bitcoin. As a result, the price of Bitcoin dropped over 3% within a few hours, indicating an increase in sell pressure across the board.
Crypto Patel suggests this is part of an organized offload of BTC, carried out by one of the largest known wallets in coordination with Galaxy Digital.
The observed events in the Bitcoin market suggest potential major changes in the cryptocurrency investment climate. Investors are advised to remain cautious and manage their risks appropriately.
