Galaxy Digital shuffles additional $447 million in BTC, more sell off looming?
Just days after making one of the biggest Bitcoin dumps in history, Galaxy Digital’s wallets are stirring again.
- Galaxy Digital-linked wallets are moving more Bitcoin after last week’s billion-dollar dump.
- Prior sales were handled via OTC and secondary markets, softening price impact.
- Bitcoin is holding steady as ETF inflows return, helping to absorb selling pressure.
According to blockchain tracker Lookonchain, Galaxy Digital transferred out 3,782 Bitcoin (BTC) earlier today, worth around $447 million at current prices. Most of the assets went directly to exchanges, following closely on its $9 billion sales just days earlier.
The firm recently confirmed it executed the sale of over 80,000 BTC for a Satoshi-era whale, marking one of the largest Bitcoin transactions ever recorded.
As previously reported by crypto.news, Galaxy still held over 18,000 BTC following the large-scale dump, with about 12,000 BTC remaining untouched in associated whale wallets. While the firm has yet to comment on the latest transfers, the fresh round of fund movements now suggests the selling may not be done, pointing to a potential continuation of that same liquidation trend.
So far, the impact on Bitcoin’s price has been minimal. The 80,000 coins were mostly sold through a mix of secondary markets and over-the-counter deals, limiting the direct pressure. Liquidity absorbed the bulk of the flow, but with another $400 million now on the move, markets are watching closely for signs of further unloading.
Despite the renewed wallet activity, Bitcoin’s price has held relatively steady.
BTC holds firm as ETF inflows return
Currently trading at $118,944, Bitcoin is recovering from intraday lows near $117,000. The crypto market leader has been mostly flat over the past day, posting a 0.48% decline as it continues to hover below the $120,000 mark.
Part of that stability is being credited to renewed demand from Bitcoin ETFs. After several days of outflows, the funds have flipped back to posting inflows, ending their latest session up $157 million, per SoSoValue data.
The renewed demand is likely absorbing the supply hitting the market, keeping prices steady. Still, Bitcoin is 3.3% below its all-time high and has mostly traded sideways this week. If these large-scale dumps continue, the risk of short-term volatility remains on the table.
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