According to CryptoQuant community analyst Maartunn, 2,500 BTC (roughly $296 million) was withdrawn from Galaxy Digital to various crypto exchanges.
This could signal more upcoming selling pressure for the leading cryptocurrency.
Bitcoin is currently changing hands at $117,513, according to CoinGecko data.
Galaxy’s recent 80,000 BTC sale
As reported by U.Today, roughly 80,000 BTC were transferred from ancient Bitcoin wallets into Galaxy Digital custody.
The price of Bitcoin then plunged sharply lower on July 25 after multiple analytics firms confirmed that Mike Novogratz’s proprietary trading desk had started depositing thousands of coins to various exchanges.
The market saw outflows of roughly 30,000 coins that caused short-term bearishness.
Galaxy Digital then confirmed that it had performed one of the largest transactions ever, completing the sale of the aforementioned 80,000 coins.
Since the sale was executed via OTC channels in a controlled manner, it did not trigger a much deeper correction.
O.G. whales losing faith?
The massive sale by one of the oldest holders of Bitcoin prompted some speculation about whether or not OG holders had lost conviction after the cryptocurrency had been co-opted by Wall Street.
At the same time, some argued that the foundation of Bitcoin is censorship resistance, and Wall Street’s involvement does not violate the ideology of the leading cryptocurrency.
Bitwise CIO Matt Hougan has argued that Bitcoin is still “pretty revolutionary,” seemingly rejecting the idea that the cryptocurrency has substantially deviated from its original ideas.