Bitcoin Faces Increased Selling Pressure as Galaxy Digital Moves $3.7B to Exchanges, Analysts Suggest Possible Market Impact
Main Idea
Bitcoin experienced a 1.8% price drop due to increased selling pressure after Galaxy Digital and other large holders transferred $3.7 billion worth of BTC to exchanges, with short-term holders driving the sell-off.
Key Points
1. Galaxy Digital and other large Bitcoin holders moved $3.7 billion worth of BTC to exchanges, intensifying market selling pressure.
2. Short-term holders (STHs) led the sell-off, contributing to a surge in open interest by $3.8 billion.
3. Over $531 million worth of options positions were liquidated in 24 hours, with $376 million attributed to long positions.
4. Bitcoin ETFs recorded net deposits of $226 million on Thursday, offsetting earlier withdrawals totaling $285 million from Monday to Wednesday.
5. The Crypto Fear & Greed Index indicates widespread fear in the market despite the recent developments.
Description
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