Summary
- CryptoQuant analyst Maartunn said it appears Galaxy Digital has additionally transferred or sold about 700 BTC.
- Galaxy Digital also moved 1,346 BTC to external addresses on the 17th, bringing recent cumulative bitcoin outflows to more than 2,000.
- Such large-scale fund movements are typically seen as moves to sell via exchanges and over-the-counter (OTC) transactions, and a decline in major institutions’ bitcoin holdings can act as potential selling pressure.
Forecast Trend Report by Period
Signs have emerged that Galaxy Digital has begun selling after transferring a large amount of bitcoin (BTC) to external addresses.
On the 20th (local time), Maartunn, an analyst at on-chain data analytics platform CryptoQuant, said on X, “It appears Galaxy Digital has additionally transferred or sold about 700 BTC.”
Previously, on the 17th, Galaxy Digital also moved 1,346 BTC to external addresses. Including this additional transfer, the cumulative bitcoin outflows from Galaxy Digital in recent days exceed 2,000.
Such large-scale fund movements are typically interpreted as steps taken to sell via exchanges and over-the-counter (OTC) transactions. A decline in major institutions’ bitcoin holdings can act as potential selling pressure on the market.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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