Some traders now eye a potential local top amid profit-taking signs.
Key Takeaways
Содержание статьи:
Galaxy Digital confirmed that it had executed one of the largest Bitcoin transactions in history, offloading over 80,000 BTC ($9.4 billion) on behalf of a Satoshi-era investor. Despite this, BTC held steady near $117K, hinting at strong market absorption and resilient demand.
On the 25th of July, Galaxy Digital revealed that it facilitated the sale of more than 80,000 Bitcoin [BTC] for a Satoshi-era wallet in what it described as “one of the largest notional Bitcoin transactions ever.”
The company’s official blog stated,
“The transaction was part of the investor’s broader estate planning strategy.”
Details such as the exact execution date and price were not disclosed.
However, data from Lookonchain showed several sizeable BTC transactions throughout the day. In all, Galaxy Digital had transferred 30,000 BTC, most of which were sent to exchanges and sold.
Will fears of a local top come true?
Source: BTC/USDT on TradingView
On the day of the aforementioned announcement, Bitcoin fell to the $114.7k mark, a 3.15% drop. It quickly recovered and was trading at $117.5k at the time of writing, just 24 hours later.
The price has formed a range over the past two weeks. Marked in orange, this range extended from $116.7k to $112.7k.
The drop on the 25th meant that the market structure was bearish, and a deeper reset toward $111k was possible.
Whale-driven selling may have contributed to this move, coinciding with broader signs of profit-taking. Exchange inflows surged earlier in the week, triggering fears that a market-wide unwind was underway.
Analysts weigh in
A $9 billion Bitcoin sale barely made a dent in price. In a post on X, Joe Consorti, head of Theya, a BTC custody infrastructure company, wrote
“80,000 BTC, over $9 billion, was sold into open market order books, and bitcoin barely moved.”
Another analyst also commented on the same, noting how such a large sale was “fully absorbed” by the market, an indication of fervent demand.
Subscribe to our must read daily newsletter
Next: Can crypto treasuries end the VC dump cycle? – Ethena founder explains…
Source