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Bitcoin slides towards $115,000 amid Galaxy Digital sales

ForkLog
Bitcoin slides towards $115,000 amid Galaxy Digital sales

Galaxy Digital sold 30,000 BTC worth $3.5bn, according to Lookonchain analysts.

On the morning of July 25, the Mike Novogratz–led firm sent more than 10,000 BTC (~$1.1bn) to exchanges.

Some of the coins came from an ‘early’ whale who began moving assets after 14 years of dormancy. Between July 15 and 17, a Satoshi-era investor sent more than 80,000 BTC to Galaxy Digital. At the time, experts suggested he was preparing to sell via the platform’s OTC service.

Hours later, Lookonchain said Galaxy Digital had sold all the bitcoins received. The firm withdrew $370m in USDT from exchanges, then a further $1.15bn. It still holds 18,504 BTC worth $2.14bn.

Amid the selling, Mike Novogratz told CNBC that in the coming months Ethereum would outpace Bitcoin in growth. He said institutional interest in ether could trigger a supply squeeze in the second-largest cryptocurrency.

“We will inevitably approach the $4,000 mark, and perhaps more than once,” he said.

Novogratz also added that a $150,000 price for digital gold looks like “a perfectly achievable target”.

Panic among investors

Markets reacted swiftly. Bitcoin holders began selling the first cryptocurrency, pushing its price down 2.6%.

At the time of writing, digital gold trades at $115,582.

Hourly BTC/USD chart on Binance. Source: TradingView.

Some crypto analysts think Bitcoin could fall further. A user going by Daan Crypto Trades noted that if the current range breaks, the price of the first cryptocurrency could drop to $113,500.

“For now Bitcoin is holding within the range, but if the selling continues, it will be hard to hold,” he wrote.

The well-known Hyperliquid whale James Wynn likewise projected that BTC could slide to $113,000.

Not everyone in the crypto community is pessimistic. A trader using the pseudonym Ether Wizz expects Bitcoin’s drop to support a rise in altcoins.

“There is good news. When Galaxy Digital dumped BTC before, altcoins soon began to rise,” the expert noted.

As some sell, others buy

Meanwhile, Britain’s The Smarter Web acquired 225 BTC for $26.4m. The average purchase price was $118,076 per coin.

The firm now manages a total of 1,825 BTC, bought at an average of $109,088. The company, shifting from web design to a Bitcoin treasury strategy, said it has $1.3m in cash for further purchases.

The Smarter Web CEO Andrew Webley called Bitcoin “the best asset in the world” and a key reserve for the business’s future needs.

“Since our IPO we have raised more than £100m in equity without taking on debt (aside from a small director’s loan, repaid after the reporting period), which puts us in an exceptionally strong position to execute our long-term strategy,” he added.

On July 23, a crypto investor placed a large bet on the first cryptocurrency falling below $110,000 by early August.

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