Galaxy Digital’s Bitcoin Wallet Activity Suggests Possible Continued Selling Amid ETF Inflows
Main Idea
Galaxy Digital's Bitcoin wallets moved an additional 3,782 BTC worth $447 million following a historic $9 billion sale, with Bitcoin's price stability attributed to renewed ETF inflows absorbing selling pressure.
Key Points
1. Galaxy Digital transferred 3,782 BTC to exchanges after a massive $9 billion BTC sale, conducted via OTC and secondary markets to minimize price impact.
2. The firm still holds approximately 18,000 BTC across associated wallets, indicating potential further activity.
3. Bitcoin's price remained stable at $118,944 despite large sales, supported by renewed inflows into Bitcoin ETFs totaling $157 million.
4. ETF inflows provide liquidity that counterbalances selling pressure from large holders like Galaxy Digital, aiding price stability.
5. Galaxy Digital's recent wallet activity was triggered by a historic $9 billion Bitcoin sale executed for a Satoshi-era investor as part of estate planning.
Description
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