Galaxy Digital Inc completes sale of 80,000 bitcoin valued at over $9 billion

Galaxy Digital Inc completes sale of 80,000 bitcoin valued at over $9 billion

Galaxy Digital Inc, a digital asset investment firm, has completed the sale of 80,000 Bitcoin (BTC) valued at over $9 billion. The sale, which began on July 4, 2025, saw the transfer of the cryptocurrency to exchanges in tranches of 10,000 BTC [1].

The sale has been attributed to a dormant Satoshi-era whale address that began moving its holdings in July. By July 18, the final 40,191 BTC, worth $4.8 billion, had been transferred to Galaxy Digital [2]. The firm then began selling the BTC on various exchanges, including Binance, Bybit, and OKX [2].

The sale has had a significant impact on the Bitcoin market. On July 25, 2025, the benchmark cryptocurrency slipped from an intraday peak above $119,000 to trade as low as $115,800 in European morning hours, its weakest print in a fortnight [2]. The 2.7 percentage-point slide followed an unmistakable on-chain signal: Galaxy Digital deposited over 10,000 BTC worth about $1.18 billion in less than eight hours [2].

The sell-off has been primarily driven by short-term holders who moved over 26,000 BTC to exchanges and sold at a loss [3]. This activity has increased market volatility and trading volume, with Bitcoin's open interest surging by $3.8 billion [3].

While the motives behind the sale remain opaque, market spectators have theorized that the move could be due to a client request, a market dump, or a shift in focus towards Ethereum [2]. Galaxy Digital's founder, Michael Novogratz, has previously stated that he believes Ethereum has the potential to outperform Bitcoin in the coming months [2].

Despite the selling pressure, Bitcoin's price demonstrated resilience, rebounding slightly from an early low of $115,000 to $116,365 at the time of reporting [3]. However, the liquidations and increased open interest suggest heightened market risk and potential for sharp price movements.

References:

[1] https://decrypt.co/news-explorer?pinned=1108484&title=galaxy-digital-short-term-investors-large-bitcoin-transfers-to-exchanges-send-bitcoins-price-spiraling
[2] https://www.tradingview.com/news/newsbtc:af83dade2094b:0-bitcoin-price-bleeds-as-galaxy-digital-unleashes-1-5-billion-sell-off/
[3] https://en.coinotag.com/bitcoin-faces-increased-selling-pressure-as-galaxy-digital-moves-3-7b-to-exchanges-analysts-suggest-possible-market-impact/