Galaxy Digital sold Bitcoin in large quantities on Thursday, transferring coins worth over $1 billion to multiple exchanges. But who owns them?
Recall that investment management firm Galaxy Digital offers over-the-counter trading services to clients looking to sell their coins with minimal market impact. Yesterday, it moved over 10,000 BTC, worth approximately $1.18 billion at the time, to exchanges in just 8 hours.
Here’s Who Owns the Bitcoin Galaxy Digital Moved
Interestingly, Lookonchain has identified the actual seller in a tweet on Friday, citing data from Arkham. According to the market analytical firm, it belongs to a Satoshi-era whale who transferred over 80,000 BTC to Galaxy Digital over the course of this month.
For perspective, The Crypto Basic reported that a whale awoke after 14 years of dormancy on July 3 and dislodged a staggering 80,009 BTC ($9.68 billion), spread over eight different wallets, to new addresses.
After a few days, the whale started sending the bitcoins to Galaxy Digital in batches. First, it transferred 40,000 BTC to the platform on July 15, then moved the second batch two days later to complete what was one of the largest Bitcoin dumps in history.
Now, Galaxy Digital has been slowly selling the Bitcoin since the first day. Yesterday, it sold over 10,000 BTC ($1.18 billion) across major exchanges in eight hours, with Lookonchain tying it with the Bitcoin OG.
Bitcoin Price Reacts
Meanwhile, the sales coincided with a substantial Bitcoin price retracement over the past 24 hours. The pioneering cryptocurrency dropped 2.45% today, from around $118,500 to $115,134, before experiencing a slight rebound at the time of writing.
Notably, Bitcoin has lacked the firepower seen a week back in recent days as it consolidated between $118,000 and $119,000 before the steep decline. Meanwhile, altcoins performed worse, with XRP testing the $3 support, while Solana and Dogecoin respectively dropped 2.83% and 2.51% in the past 24 hours.
Leverage position liquidation also spiked following the broader market downtrend, with $647.35 million wiped out of the crypto market in the past 24 hours. Ethereum and Bitcoin keenly contended for the top spot, as traders lost $152.13 million and $152.04 million, respectively.
Other major liquidations came from Solana, where $47.73 million worth of positions were wiped out. XRP and Dogecoin’s decline cost leveraged traders $42.15 million and $27.41 million, respectively, over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
