Galaxy Digital Unleashes a $2.35 Billion Bitcoin Sell-Off

Galaxy Digital has transferred a staggering 30,000 BTC, valued at roughly $3.5 billion. Out of this total, around two-thirds (20,000 BTC) — worth approximately $2.35 billion — have been directly sent to various crypto exchanges for liquidation.

The remaining 9,000 BTC, worth about $1.1 billion, remain untouched in the firm’s wallets. However, this doesn’t mean the sell pressure is over. In fact, the most recent on-chain movement shows 965 BTC being transferred to Binance, raising further concerns about continued market dumping.

What Impact Did Galaxy’s Move Have on Bitcoin?

The immediate effect of the sell-off was a sharp downturn in market sentiment. In the past 24 hours alone, approximately $515 million has been wiped out of the crypto market, with $363 million in long positions liquidated. The volatility has reminded traders of just how fragile sentiment can be during high-volume sell events.

Bitcoin dropped to as low as $116,281, marking a notable retracement amid the sell pressure. Key performance metrics stand as follows:

• 24-hour change: -2.13%

• 7-day change: -2.16%

Key Technical Levels for Bitcoin

• Resistance: $116,373

• Support: $112,500

With Bitcoin now stuck between these critical levels, short-term traders should be highly alert. A break below support could open the door for deeper corrections, while a rebound above resistance might restore some bullish momentum.

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