Galaxy Digital, the financial services firm known for its deep involvement in Bitcoin and crypto, has once again rattled the markets.
Specifically, the firm transferred nearly half a billion dollars in Bitcoin to major exchanges, reviving fears of a potential sell-off. Data from analytics firm Arkham Intelligence confirmed that Galaxy moved 3,782 BTC worth approximately $447 million to several wallets over the past 12 hours.
Notably, the majority of this sum was directed to centralized exchanges such as Binance, Crypto.com, Gemini, and Bitstamp. This has prompted speculation about an impending large-scale sell-off.
Though Galaxy has not officially disclosed the purpose behind the transfers, the timing has raised eyebrows.
Galaxy’s Largest Bitcoin Transactions in History
Specifically, the activity comes shortly after the firm facilitated one of the largest Bitcoin transactions in history.
The sale involved over 80,000 BTC worth $9 billion, and was carried out on behalf of a wallet from the Satoshi era that had been dormant for 14 years. Notably, the transaction occurred on July 25.
BTC Price Stabilizes After Brief Drop
Following the news of the transfer, Bitcoin briefly dipped to $117,427. Meanwhile, it began to recover shortly after. At the time of writing, it was trading at $118,816. The drop sparked temporary market panic, but the rebound indicates buying interest at lower levels.
Bitcoin is currently in a consolidation phase, fluctuating within a narrow $116,000–$120,000 range. This follows a sharp rally earlier this month that pushed the cryptocurrency to new highs.
$116K Becomes Key Support Level
As reported earlier by The Crypto Basic, market analyst Kevinn Nguyen emphasized the importance of the $116,000 support zone, noting that a strong hold at this level, paired with increasing trading volume, could set the stage for another bullish breakout.
According to Nguyen, if momentum builds, Bitcoin could test $124,000 in the near term, with some optimistic investors even eyeing a seasonal surge toward $250,000.
Wall Street Weighs In: Citi Forecasts BTC at Up to $199K
Meanwhile, Citigroup has updated its Bitcoin outlook for 2025, reflecting the growing interest from institutional investors.
The financial giant’s latest projections suggest a base case target of $135,000. In a bull case scenario, Bitcoin could reach as high as $199,000.
However, in a bear case, the price may fall back to $64,000, depending on global macroeconomic pressures.
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.
