comment
Galaxy Digital Moves $1.5 Billion Worth of 14-Year-Old Bitcoin Amid Market Correction
On the night of July 25, Galaxy Digital, the brokerage firm founded by billionaire Michael Novogratz, executed large transfers of over 12,850 BTC (approximately $1.5 billion) to centralized exchanges Bybit, Binance, and OKX. These Bitcoins, held inactive for 14 years, belong to an unidentified holder who also owns 80,000 BTC valued at over $9.2 billion.
The transfers coincided with a correction in Bitcoin's price, which fell below $115,000 for the first time since July 10. Analysts suggest such operations could influence market psychology.
Given Galaxy Digital's reputation for over-the-counter deals, the crypto community is focusing on potential links to well-known industry figures like Adam Back.
The sudden sale of Bitcoin drew significant attention, especially amid recent movements by other 'whale' investors relocating their assets.
Stay tuned for updates and keep yourself informed with the latest news.
Source available for registered users Sign Up Free
AI Analysis
The transfer of such a substantial amount of long-held Bitcoin by Galaxy Digital signifies notable activity within the crypto market. The movement of 12,850 BTC, especially from an unknown holder, rai...
AI Recommendation
Investors should maintain a cautious stance given the recent large transfer by a key player and Bitcoin's price correction. While such movements can be part of strategic repositioning, they also intro...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.