Bitcoin dipped to $115,363 earlier today, which is a 2.6% drop in just 24 hours and caught the market by surprise. While the price charts went red and the usual wave of concern hit social media, on-chain data offered a more down-to-earth explanation: another major sell-off from Galaxy Digital.
The firm, led by Mike Novogratz, reportedly moved 11,000 BTC and withdrew more than $1.15 billion in USDT from exchanges. This is not the first time Bitcoin has left Galaxy recently — data shows a consistent pattern of BTC distribution dating back to mid-July, even though everyone was still being positive. And Novogratz was pretty vocal about Bitcoin going higher, too.
Galaxy exits, then Back enters
Amid the fear, uncertainty and doubt, Adam Back posted a brief but clear statement online, confirming that he had stepped in to make the purchase from his personal account, not on behalf of any fund or treasury. It was not an institutional move or a coordinated announcement but a casual confirmation that he had taken advantage of the drop in price.
His comment stood out not only because of his status in the Bitcoin community but also because rumors had recently linked him to a much larger BTC transfer.
Novo sold – and not using TWAP apparently😁 personally I woke up this morning, saw BTC down, smashed buy. Thanks for the cheap sats @novogratz 👍
— Adam Back (@adam3us) July 25, 2025
Earlier this year, blockchain activity suggested that 80,000 BTC linked to dormant wallets had been quietly offloaded through Galaxy. This later led to reports of equity deals involving a U.S.-connected investment firm, with Back’s name frequently mentioned in the mix.
This may have helped to fuel the confusion surrounding today’s sell-off, but he was quick to set the record straight. According to Back, he was not behind the selling — he was buying.
With Bitcoin once again dipping below key levels, the contrast between institutional moves and individual signals continues to widen. For now at least, Adam Back is still accumulating Bitcoin.