Galaxy Digital has moved 10,000 BTC to exchanges, likely as part of a massive OTC sell-off tied to a Satoshi-era whale.
By Parth Dubey
Editor Julia Sakovich
Updated
2 mins read
Galaxy Digital sparked widespread speculation after transferring over 10,000 BTC BTC $117 360 24h volatility: 0.1% Market cap: $2.34 T Vol. 24h: $87.37 B , worth approximately $1.18 billion, to multiple exchanges in a matter of hours.
The move resulted in a sudden 3% drop in Bitcoin price, as the leading cryptocurrency currently trades at $115K, retracing slightly from its all-time high of $123K.
The activity traces back to a Satoshi-era Bitcoin whale, who has completely liquidated 80,202 BTC, acquired more than 14 years ago when Bitcoin traded below $4.
The massive stash, valued at nearly $10 billion, was split across multiple transactions over the past three days, with the final 40,192 BTC sent to Galaxy Digital just six hours before the latest dump.
According to Lookonchain, Galaxy Digital has already deposited and possibly sold the 10,000 BTC, with $370 million in USDT withdrawn from top crypto exchanges like Binance, OKX, and Bybit, potentially as settlement for over-the-counter (OTC) trades.
市场发生了什么？从上午开始，Galaxy Digital 场外平台，连续多次出现向币安、OKX 等多个交易所，大额转移 BTC 的情况。
然后，过会这些交易所，又转 U 回来给 Galaxy Digital。这些比特币，应该是之前那个持有 8 万枚 BTC 的早期矿工巨鲸。
不好的消息是，还没出完。
好的消息是，市场才砸这么点。 pic.twitter.com/6zoIA6fTHh— AB Kuai.Dong (@_FORAB) July 25, 2025
*“The bad news is, they haven’t finished selling yet. The good news is, the market has only dropped this much so far,” said crypto entrepreneur AB Kuai Dong.
Meanwhile, Galaxy Digital CEO Michael Novogratz spoke to CNBC, arguing that Ethereum is poised to outperform Bitcoin in the coming months, citing a brewing supply crunch and increasing institutional demand.
“There’s not a lot of supply of ETH, and so I think ETH probably has a chance to outperform Bitcoin in the next three to six months,” he said.
On the other hand, companies like BitMine Immersion Technologies, Sharplink Gaming, and the soon-to-be-listed Ether Machine collectively hold more than 1.3 million ETH ETH $3 716 24h volatility: 1.3% Market cap: $448.58 B Vol. 24h: $45.79 B valued at over $5 billion.
Top 10 Public Companies by $ETH Holdings
1. SharpLink Gaming – 360.8K
2. Bitmine Immersion – 300.6K
3. Coinbase – 137.3K
4. Bit Digital – 120.3K
5. BTCS Inc – 55.7K
6. GameSquare – 10.1K
7. Intchains – 7.0K
8. KR1 plc – 5.5K
9. Exodus – 2.5K
10. BTC Digital Ltd – 2.1K— CoinGecko (@coingecko) July 25, 2025
Ethereum, currently trading around $3,630, could break into price discovery above $4,000, according to Novogratz. On the topic of BTC, the Galaxy Digital executive said that Bitcoin could hit $150,000 this cycle.
As reported earlier, Stock-to-Flow (S2F) model creator PlanB predicted that Bitcoin could remain in the overbought levels for the next couple of months. In previous bull cycles, the Relative Strength Index (RSI) has remained above 75 for considerable periods.
PlanB also claims that, despite being relatively close to its all-time highs, Bitcoin remains 10 times undervalued, and Wall Street giants and retail traders are excessively betting on the cryptocurrency.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
