Galaxy Digital’s $1B BTC sale triggers a brief price dip, but Bitcoin quickly regains its footing. | Credit: Getty Images.
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Key Takeaways
Galaxy Digital transferred over 17,000 BTC to exchanges, dumping 10,000 BTC worth $1.16 billion.
The move triggered short-term market volatility, pushing BTC down by 3%.
Despite the dip, the broader crypto market remained stable, with no signs of panic selling.
Crypto investment firm Galaxy Digital has been steadily offloading large amounts of Bitcoin, with its latest sale totaling 30,000 BTC—worth over $3.5 billion—on July 25.
However, despite the size of the transaction, the broader crypto space remained largely unfazed.
Galaxy Digital’s Bitcoin sell-off went far beyond the initial 10,000 BTC, with new reports suggesting the crypto asset manager transferred 30,000 BTC—worth around $3.5 billion—to exchanges in the past 24 hours.
According to Lookonchain, most of the BTC was sent directly to trading platforms and appears to have been sold.
In addition, Galaxy withdrew $1.15 billion in USDT from exchanges, signaling further asset repositioning.
Despite the large outflows, Galaxy Digital still holds 18,504 BTC, valued at approximately $2.14 billion.
Galaxy’s Bitcoin Dump Linked to Satoshi Era Whale
According to on-chain data, Galaxy transferred over 17,123 BTC (~$1.98 billion) to centralized exchanges like Binance and Bybit within 12 hours, prompting speculation of a massive sell-off.
The result was a brief 3% dip in Bitcoin’s price, from a daily high above $118,000 to just under $115,000.
On July 15, the whale transferred 40,009 BTC to Galaxy Digital. Two days later, the remaining 40,000 BTC followed.
Galaxy, which offers over-the-counter (OTC) services for large trades, began moving parts of this stash on July 17—sending 6,000 BTC (~$706 million) to exchanges.
Then, on July 25, Galaxy shifted another 3,500 BTC (~$404 million) to exchanges and moved 1,500 BTC (~$176 million) to unidentified wallets, according to Arkham Intelligence.
While it’s unclear exactly how much was sold, traders like Marty Party speculate that part of the BTC was used to support Galaxy’s internal operations. In contrast, the rest was likely sold or redistributed.
Galaxy Digital dumps BTC. Source: X
A $1 Billion Dump—and Hardly a Dent
Despite the size of the transfer, the market reaction was relatively muted.
Bitcoin’s drop was modest, and analysts say it was primarily due to long-leverage liquidations, not panic selling.
Galaxy’s OTC model is designed to minimize slippage and price disruption by executing large trades without spooking the open market.
And it seems to have worked—Bitcoin’s uptrend remains intact, buoyed by strong institutional demand and improving regulatory clarity.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
