Galaxy Digital's Strategic Bitcoin Sell-Off Managed Behind the Scenes

I observe that some are selling Bitcoin worth $9 billion, while Saelor is buying $2.5 billion, yet the price of BTC remains stagnant. This discrepancy raises questions about market dynamics. On Twitter, a puzzle is being solved regarding Galaxy Digital's actions: how they managed to sell 80,000 BTC without impacting the market, and how their communications suggested that sales were completed. Additionally, the $2.5 billion purchase by Saelor on July 29 didn't seem to affect the market either. The most plausible explanation is that a buyer approached Galaxy for BTC, possibly at a discounted rate, because executing such a volume on the open market without influencing the price is nearly impossible. Galaxy could have then hedged or shorted the market, aligning the timing of transfers, and the introduction of BTC onto centralized exchanges. The $2.5 billion might have been pre-arranged for Saelor’s new stock issuance, with the BTC transferred shortly before or during the same period. Typically, a sign that Saelor is buying from the market would be a persistent premium on BTC's spot price on Coinbase. Interestingly, on the day Saelor received funds, Coinbase showed a negative premium, indicating that someone was actively selling. Galaxy's announcement of the end of their sale of 80,000 BTC likely served to reassure the market that the dump was over; otherwise, the price might not have recovered from $114,800, and the BTC sold to Saelor at over $117,000 could have been too costly for Galaxy and Saelor’s negotiations. In conclusion, Galaxy probably hedged and shorted BTC above $123,000, moved BTC to specific addresses, and triggered a dump down to $115,000 by aggressively selling on exchanges during the Asian session. They then halted the panic with statements that the dump was finished. This orchestrated operation allowed Galaxy to offload a large volume of Bitcoin in a controlled manner, effectively managing market impact while executing a significant sale.