Key Takeaways
- Galaxy Digital moved over 17,000 BTC, worth $1.7 billion, to major exchanges.
- The bitcoin originated from dormant whale wallets inactive since 2011.
- Increased sell-side pressure contributed to a 2.5% drop in bitcoin's price to $115,600.
Galaxy Digital has transferred more than 17,000 BTC, valued at over $1.7 billion, to major exchanges in the past day, according to Arkham Intelligence data.
The move comes amid a decline in bitcoin’s price, which has dropped roughly 2.5% in the last 24 hours, now trading near $115,600.
Dormant wallets reactivate
Between July 15 and 17, Galaxy Digital consolidated 80,000 BTC from legacy wallets that had remained inactive since 2011, increasing its bitcoin holdings from about $850 million to over $6 billion.
On-chain records show that the funds arrived in several large transactions, including a single 10,000 BTC deposit, and stayed unmoved for several days before being routed to exchange wallets.
Exchange deposits and market response
The transferred bitcoin was sent to platforms such as Binance, OKX, Bybit, and Bitstamp, with analysts linking the pattern to asset distribution rather than simple custodial migration.
Cauê Oliveira of BlockTrends highlighted that institutional selling became visible by Thursday morning, noting a net outflow of 40,000 BTC from large wallets over seven days. Oliveira cautioned:
“Further distribution in thin order books could exert additional downward price pressure.”
Implications for the market
Arkham’s data indicates the outgoing transactions from wallets dormant since before 2012 began on July 4, with the last tranche of over 40,000 BTC arriving on July 18.
Although Galaxy Digital often manages assets for institutional clients, the firm has not clarified the beneficiary or strategy behind these transfers.
On-chain analysts are watching closely to see if the selling trend continues, as Galaxy still controls more than 60,000 BTC.
On-chain metrics and liquidity
Market observers are monitoring exchange balances and trading volumes, with CryptoSlate reporting daily volume above $94 billion.
The uptick in sell-side pressure, together with minimal book liquidity, has intensified market volatility and could signal more turbulence ahead.
