Galaxy Digital Sends 10K BTC to Exchanges as BTC Dips 3%

Galaxy Digital has deposited over 10,000 BTC, worth $1.18 billion, to exchanges in the past 8 hours. On-chain tracker Lookonchain reported the large-scale movement. These BTC transfers came from a long-term wallet holding over 80,000 BTC.

The selling pressure appears to have weighed on the Bitcoin price. BTC fell more than 3% in the last eight hours. This drop has raised concerns among traders about a potential wave of profit-taking.

Bitcoin OG Moves Billions to Galaxy Digital

According to Lookonchain, the Bitcoin OG wallet transferred over 40,000 BTC ($4.77B) to Galaxy Digital earlier this week. In total, this wallet has moved more than 80,000 BTC across multiple addresses since July 15.

Some of these transactions date back to July 17, when Galaxy Digital deposited 6,000 BTC into Binance and Bybit. On July 15, another 7,843 BTC landed with the firm. The flows have continued steadily, sparking fears of a long-term sell strategy.

BTC Sell-Off Worries Mount

Galaxy’s latest move comes at a sensitive time for the market. Bitcoin’s momentum has slowed, and whales have grown more active. Over the past 3 hours, Galaxy also withdrew $370 million in USDT from Binance, OKX, and Bybit. This suggests that assets may be rotating or being sold off quietly.

Analysts believe this behavior indicates short-term bearish sentiment. Traders are now watching key support levels to assess whether Bitcoin can hold the $63K range.

Investors Brace for More Volatility

The sudden BTC deposits have put the market on edge. If Galaxy Digital or its affiliated wallet continues this pace, more downside could follow. However, not all experts see this as a full exit. Some argue it could be a rebalancing of custodial assets.

Still, the timing of these moves, alongside steady BTC outflows, has traders talking. Many suspect big players are quietly offloading. With uncertainty building, the market’s clearly on edge. Traders are playing it safe and bracing for more shake-ups ahead.