Galaxy Digital has moved another 3,782 Bitcoin (BTC) worth $447 million to cryptocurrency exchanges, following its execution of a historic $9 billion Bitcoin sale for a Satoshi-era investor. These transfers occurred primarily through over-the-counter and secondary market transactions, a method chosen to reduce market impact.
The firm still holds approximately 18,000 BTC across its associated wallets, suggesting potential for further market activity. Despite these substantial transactions, Bitcoin’s price has maintained stability at $118,944.
Analysts attribute this price resilience to renewed investment inflows into U.S.-listed Bitcoin exchange-traded funds (ETFs), which absorbed $157 million during the period coinciding with Galaxy’s transfers. The liquidity provided by these ETF inflows is effectively counterbalancing selling pressure from major holders.
Galaxy Digital initiated this series of transfers after facilitating the record $9 billion Bitcoin sale through structured OTC deals, part of estate planning services for the anonymous early Bitcoin holder.