Galaxy Digital has transferred a massive 17,123 BTC, worth $1.98 billion, to multiple centralised exchanges in the past 12 hours.
Lookonchain reported Friday that the digital asset firm initially sent over 10,000 Bitcoin to exchanges in the past 8 hours. The transfer comes after Galaxy Digital received more than 80,000 Bitcoin from a Satoshi-era whale who had not accessed the funds for 14 years.
In the past hours, Galaxy Digital has withdrawn 370M USDT from exchanges, including OKX, Binance and Bybit, Lookonchain wrote.
Suspected to belong to the “14-year BTC fossil hand,” 14,273 $BTC were deposited in batches into various exchanges by Galaxy Digital over the past 12 hours, valued at approximately $1.67 billion, one trader posted on X. About 5,690 BTC was transferred in the last hour alone.
However, the latest data from Arkham notes that the Bitcoin sell-off is still underway. Another 2,850 BTC worth $330 million was deposited into major exchanges at the time of writing. This has totalled BTC transfers to 17,123 in the past 12 hours, the trader posted on X.
Bitcoin Sell-Off Worries Mount – What Can Investors Expect
Galaxy’s latest sell-off spree has weighed on the Bitcoin price. BTC suffered a sharp correction over the past 24 hours, falling by over 2% in the past 24 hours to $115,600 after being rejected at the $119,000 resistance level.
The largest cryptocurrency is now trading at $115,444 at press time, with a 4.21% drop since last week, according to CoinMarketCap data.
The price drop has rattled markets and raised fresh questions about whether BTC can maintain its upward momentum. Analysts believe this behavior indicates short-term bearish sentiment.
If Galaxy Digital or its affiliated wallet continues this pace, more downside could follow. Market watchers noted that a breakdown below $114,000 could trigger more downside pressure.
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