Bitcoin News Today: Galaxy Digital Liquidates 17000 BTC ($1.7B) as Bitcoin Price Drops 2.5% in 24 Hours

Galaxy Digital has executed a significant Bitcoin liquidation, transferring over 17,000 BTC—valued at $1.7 billion at current prices—to major exchanges including Binance, OKX, Bybit, and Bitstamp within the past 24 hours, according to Arkham Intelligence data [1]. The transactions followed internal transfers from Galaxy’s primary custodian address, which had consolidated 80,000 BTC from legacy wallets inactive since 2011 between July 15 and 17, swelling the firm’s holdings from $850 million to over $6 billion. The outflow coincided with Bitcoin’s price dipping to approximately $115,600, a 2.5% decline in 24 hours, while daily trading volume exceeded $94 billion, indicating heightened market sensitivity to institutional selling pressure [1].

On-chain analysts noted that Galaxy’s Bitcoin movements were concentrated in high-volume transactions, including a single 10,000 BTC deposit linked to custodial arrangements. The newly acquired Bitcoin remained static for several days before being systematically distributed to exchange hot wallets. Cauê Oliveira of BlockTrends highlighted that large player wallets had seen a net outflow of 40,000 BTC over seven days, with minimal liquidity in order books—a pattern often preceding further downward price pressure [1]. The staggered nature of the transfers, particularly the arrival of over 40,000 BTC on July 18, suggests a strategic distribution rather than routine custody adjustments.

The origin wallets, active prior to 2012 and dormant until this month, began transferring funds on July 4. Despite Galaxy’s role as a custodian for institutional clients, the firm has not confirmed the identity of the beneficiary or the purpose of the transactions. Analysts remain cautious, noting that Galaxy still holds over 60,000 BTC and retains the option to continue liquidating assets or returning them to cold storage. The market will closely monitor on-chain activity for signals of sustained selling or a reversal in the trend [1].

The transaction volume and timing align with broader bearish indicators. BlockTrends’ analysis underscores the risks of thin order books amplifying price declines if further distribution occurs. While Galaxy’s actions alone may not dictate Bitcoin’s trajectory, the scale of the liquidation raises questions about the motivations of large institutional players. The dip to $115,600 follows a broader correction in crypto markets, with traders reacting to increased sell-side pressure amid macroeconomic uncertainty [1].

Source: [1] [Ancient Whale Sells $1.7 Billion Bitcoin via Galaxy as Price Dips to $115k] [https://cryptoslate.com/ancient-whale-sells-1-7-billion-bitcoin-via-galaxy-as-price-dips-to-115k/].