Summary
- Galaxy Digital was observed to have deposited 1474 BTC to Coinbase Prime.
- Large deposits to Coinbase Prime are typically interpreted as a sell signal.
- It is unconfirmed whether this move was a sale or an internal reallocation or OTC settlement, but attention should be paid to short-term market volatility accordingly.
Galaxy Digital has been confirmed to have deposited a large amount of Bitcoin (BTC) to Coinbase Prime, drawing market attention to the possibility of selling.
According to OnChainLens on the 18th (local time), Galaxy Digital transferred 1474 BTC (approximately $133.13 million) to Coinbase Prime about an hour earlier. Deposits to Coinbase Prime, which is mainly used by institutions and professional traders, are traditionally often interpreted as a signal of preparing to sell.
However, it has not yet been confirmed whether this movement led to an actual sale or was for internal wallet reallocation or OTC settlement. Depending on whether Galaxy Digital has recently adjusted its positions, short-term market volatility could be affected.
Suehyeon Lee
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