Galaxy Digital transfers approximately 17,000 BTC to exchanges over the past 12 hours… Selling pressure persists
Summary
- Galaxy Digital reportedly transferred about 17,000 BTC to exchanges over the past 12 hours.
- As a result, the selling pressure continues, and the on-chain BTC balance has also decreased.
- In addition, Galaxy Digital was reported to have withdrawn USDT from major exchanges and is transferring it to Coinbase.
It has been analyzed that Galaxy Digital is intensifying downward pressure by continuing to sell large amounts of Bitcoin (BTC).
According to on-chain analyst Ai on the 25th, Galaxy Digital has transferred a total of 17,123 BTC (worth about $2 billion) to virtual asset exchanges over the past 12 hours. In the previous transaction, 5,153 BTC (worth about $596 million) was sent, of which 3,313 BTC (worth about $383 million) was confirmed to be deposited at the exchange. The rest are presumed to have moved to unidentified wallets.
In addition, signs were also detected that Galaxy Digital has withdrawn a total of $456 million USDT from major exchanges such as Binance, Bybit, and OKX and is transferring it to Coinbase. Ai explained, "It seems they keep throwing (selling)."
Galaxy Digital's on-chain BTC balance has now decreased to 18,504 BTC ($2.13 billion) as of now.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
