Whale Transfers Over $1.2 Billion to Exchanges, Pushing Crypto Prices Down
Main Idea
Galaxy Digital transferred over 10,000 Bitcoin (worth $1.2 billion) to exchanges, sparking market speculation and contributing to a 2% drop in Bitcoin's price.
Key Points
1. Galaxy Digital moved more than 10,000 Bitcoin (valued at $1.2 billion) to cryptocurrency exchanges within an eight-hour window.
2. Bitcoin's price dropped from above $119,000 to below $116,000, marking a 2% decline over 24 hours.
3. The large transfer has led to speculation about Galaxy Digital's intentions, though the firm has not issued a public statement.
4. Galaxy Digital, led by Michael Novogratz, is known for its significant crypto holdings and activity during price surges.
5. The transferred Bitcoin is from older addresses, often considered 'clean' or highly valued due to their age ('Satoshi era').
Description
Galaxy Digital has transferred more than 10,000 Bitcoin—worth an estimated $1.2 billion—to cryptocurrency exchanges within an eight-hour window, according to blockchain analytics firm Lookonchain . This significant movement of funds comes shortly after the company received over 80,000 Bitcoin from a long-dormant wallet linked to a Satoshi-era whale. The original wallet had not been accessed for 14 years, adding intrigue and speculation within the crypto community. The reactivation of these early...
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