Galaxy Digital may have dumped 10,000 BTC worth 1.18 billion.
This move led to millions in long position liquidations, causing the latest price dip.
The entity also moved million in USDT from prominent crypto exchanges.
The price of Bitcoin (BTC) experienced a significant fall from the $119,000 price range to the lower $115,000 price range in under an hour. Only a significant sell-off would affect the BTC price so severely. The fact that Galaxy Digital may have dumped 10,000 BTC worth $1.18 billion could be the reason behind the sudden market dip. In classic crypto market volatility, the price of BTC is down by 3% in one move.
Galaxy Digital May Have Dumped 10,000 BTC
The crypto community experienced a remarkable dip in the price of Bitcoin today. In under an hour, the crypto market experienced a sweeping liquidation of over $107 million, of which, $105.59 million came from long positions. This liquidation shows how sure most traders were of the price of Bitcoin likely moving towards an upward direction and reclaiming its previously set ATH price of $123,000.
What’s more, expectations for BTC to pump and claim its next ATH prices between $130,000 and $144,000 were also on the rise, likely the reason behind so many confident long positions. Unfortunately, there is always a risk of major sell-out from significant BTC holders that could sway the market in this volatile market. Specifically, it seems that one decision made by a holder holding a significant amount of BTC may have ruined so many well-planned long positions.
https://twitter.com/coinbureau/status/1948618412009177571 $370 Million USDT Pulled From Prominent Exchanges
As we can see from the post above, the transaction history records showa significant sell-off from one resounding entity. Based on this post it is likely that Galaxy Digital just dumped 10,00 BTC. In detail, Galaxy Digital may have already offloaded $1.18 billion worth of BTC, and also seems to have pulled $370 million USDT from OKX, Binance, and Bybit in just 3 hours. The crypto community wonders what the entity is up to.
https://twitter.com/Cointelegraph/status/1948571620588605632
This once move could be the reason behind Bitcoin’s price being down 3%. Of course, the entity could just be taking profits, but it could have cost long-position traders almost everything. Meanwhile, the crypto market sees other bullish moves from other BTC wallets. For instance, the post above highlights how a dormant wallet, inactive for over 14 years, just transferred all 3,962.62 BTC, worth $468.67 million, to a new address. The wallet originally received the $BTC for just $1,558.
https://twitter.com/glassnode/status/1948378884287746500
In contrast, other reputed analysts are trying to find other reasons behind the dip. As the post above describes, the sharp rally from $110,000 to $117,000 seems to have created an on-chain air gap or a low-density accumulation zone. Since the $122,600 ATH, the price of BTC has held above it. If support fails, history shows such gaps can still evolve into bottom formation zones. Likewise, a dip may have formed to close the $114,000 - $115,000 CME gap.
