Galaxy Digital sells 5,153 Bitcoin in massive transfer, leaving 15,902 remaining.

Galaxy Digital has sold off almost all of its Bitcoin holdings, transferring 5,153 BTC (worth $5.96 billion) in the past 50 minutes. Of this, 3,313 BTC ($3.83 billion) was deposited into a centralized exchange (CEX), while the remaining BTC was transferred to a new address with unknown ownership. The company now holds only 15,902 BTC.

Galaxy Digital, a prominent player in the digital asset space, has made significant moves in the Bitcoin market. Over the past 50 minutes, the company has sold off approximately 5,153 BTC, valued at around $5.96 billion. This substantial sell-off has sent shockwaves through the market, impacting Bitcoin's price and the broader cryptocurrency ecosystem.

According to on-chain data tracked by Lookonchain, the 5,153 BTC sold off by Galaxy Digital includes 3,313 BTC deposited into a centralized exchange (CEX) and the remaining 1,840 BTC transferred to a new address with unknown ownership. The company now holds only 15,902 BTC, a significant reduction from its previous holdings [1].

The sell-off comes after Galaxy Digital received over 80,000 Bitcoin from a Satoshi-era whale who had not accessed the funds for 14 years. The dormant Bitcoin addresses were reactivated earlier this month, coinciding with Bitcoin's all-time highs above $122,000 [1].

The market reaction to Galaxy Digital's sell-off has been swift and substantial. Bitcoin's price has seen a sharp decline, dropping to an intraday low of $115,125, the lowest level since July 10. This sell-off has put additional pressure on Bitcoin bulls, contributing to the coin's ongoing struggle to recover [2].

Galaxy Digital's strategic partnership with K Wave Media, announced earlier this week, may have played a role in the company's decision to sell off its Bitcoin holdings. Under the deal, Galaxy will serve as an asset manager and strategic advisor to K Wave as it ramps up its Bitcoin treasury strategy. This partnership could have influenced Galaxy's liquidation strategy [3].

In summary, Galaxy Digital's massive Bitcoin sell-off has had a significant impact on the market. The company's actions have led to a sharp decline in Bitcoin's price and have raised questions about the future of institutional involvement in the cryptocurrency space. As the market continues to digest this news, investors and financial professionals will be closely watching for any further developments.

References:
[1] https://cryptobriefing.com/galaxy-digital-bitcoin-transfer/
[2] https://u.today/bitcoin-plunges-as-galaxy-digital-deposits-15-billion-worth-of-btc-to-exchanges
[3] https://beincrypto.com/key-us-crypto-stock-to-watch-today/