Galaxy just dropped $9 billion in Bitcoin... for a will?! 👀
Bitcoin has been volatile since Galaxy Digital sold 80,000 BTC to a long-term client. The company stated in its press release on July 25 that one of the largest Bitcoin sales in history had been completed, which shook the market. The news spread quickly in the crypto world, sparking speculation and price fluctuations.
Bitcoin recently reached $123,000, but the news sparked significant sell-offs and raised doubts that this was a temporary peak. As the price fell, short-term investors lost their money, and experts debated whether this standard migration indicated distribution at the peak or a healthy pause in a longer upward trend.
Galaxy's involvement in this movement is clearly evident, revealing deeper consequences. Many players in the market are questioning whether more old coin holders will leave and how this will affect the future of Bitcoin. With rising volatility and instability in investor sentiment, all eyes are on how the market will handle these $9 billion sales and whether support levels will remain firm in the coming days.
Galaxy Digital confirmed the completion of one of the largest Bitcoin transactions in history. The company sold over 80,000 BTC, which was worth more than $9 billion at market prices, to an investor from the Satoshi era.
Due to the number of Bitcoins involved and the speculation about the identity of the investor, the revelation shook the market.
Some experts believe that these sales are part of a healthy cycle where early investors make profits after years of holding through multiple market cycles. They believe the market has liquidity and institutional interest to absorb such sales without long-term harm. Meanwhile, others view the timing and amount of the sale as a warning sign indicating that Bitcoin may have reached a local peak around $123,000.
A critical retest for Bitcoin after collapsing below the support level
Bitcoin is trading at $117,407 after temporarily dropping below the support area at $115,724. Starting in early July, resistance at $122,077.61 had defined the lower bounds of the range.
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