Galaxy Digital sells $9B in BTC, but Bitcoin quickly recovers – Here’s how
Main Idea
Galaxy Digital facilitated a massive $9.4 billion Bitcoin sale from a Satoshi-era wallet, but Bitcoin's price remained stable, indicating strong market demand and resilience.
Key Points
1. Galaxy Digital executed one of the largest Bitcoin transactions in history, selling over 80,000 BTC ($9.4 billion) on behalf of a Satoshi-era investor.
2. Despite the large sale, Bitcoin's price held steady near $117K, showing strong market absorption and resilient demand.
3. Data showed significant BTC transactions, with 30,000 BTC transferred by Galaxy Digital, mostly to exchanges and sold.
4. Bitcoin's price briefly dropped to $114.7k (a 3.15% decline) but quickly recovered to $117.5k within 24 hours, forming a range between $116.7k and $112.7k over two weeks.
5. Whale-driven selling and increased exchange inflows raised concerns about profit-taking, but the market absorbed the $9 billion sale with minimal price impact.
Description
Some traders now eye a potential local top amid profit-taking signs.
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