Galaxy Digital was there to sell. Nearly 30,000 BTC, amounting to $3.5 billion, were transferred to centralized exchanges this Friday. A massive operation, visible on the blockchain, which coincided with a drop in the price of Bitcoin. And behind this maneuver? A treasure over a decade old.
The awakening of a 2011 Bitcoin whale
The affair began in mid-July when an address dormant since 2011 transferred 80,201 BTC, a colossal sum at the time almost worthless, now valued at over $9 billion. This ancient wallet entrusted its funds to Galaxy Digital in two steps: 40,010 BTC on July 15th, and then 40,191 BTC on July 18th, just a few days after Bitcoin hit an all-time high at $122,838.
Since then, Galaxy Digital has gradually sent the BTC to trading platforms. On Friday, a first transaction of 22,610 BTC was spotted, followed by several smaller ones, including 2,850 BTC directed to Binance and OKX.
Massive liquidation, market under pressure
Immediate result: Bitcoin drops by 3%, briefly going below the $115,000 mark. At the same time, Galaxy Digital withdraws $1.15 billion in USDT from these same platforms. At the time of writing, 18,504 BTC from the original wallet are still in possession of Galaxy, around $2.14 billion.
The maneuver has caused a stir. In total, almost 62,000 BTC have been sent to the markets since the start of the operation, spread across Binance, Bitstamp, OKX, and other exchanges.
Novogratz still bullish… on ETH
Meanwhile, Mike Novogratz, CEO of Galaxy Digital, holds his bullish stance. In a recent interview, he maintains his target: $150,000 Bitcoin by the end of the year. But now his focus shifts to Ethereum.
According to him, ETH could outperform BTC in the next six months, especially due to the growing interest from listed companies. BitMine Immersion and SharpLink Gaming have recently injected billions into Ethereum, and the momentum seems far from fading. As a result, while Bitcoin corrects, ETH quietly rises to $3,700.
Liquidation or management strategy?
The question remains: is Galaxy Digital selling or following a strategic plan related to managing a historic asset? In any case, the market is closely watching every move. With over 18,000 BTC still in stock, the events to come could still shake the prices.
One thing is certain: when whales move, the little fish better hold on tight.
