An early Bitcoin investor has sold 80,000 BTC through Galaxy Digital, marking one of the largest crypto transactions ever, in a trading session marked by higher volatility.
News
An early Bitcoin () investor has sold 80,000 BTC through Galaxy Digital, in what the digital asset company described as one of the largest notional transactions in crypto history, though details regarding the date and execution price were not disclosed.
Galaxy Digital’s disclosure of the sale first appeared on PR Newswire late Friday, followed by a on the company’s official blog about 30 minutes later. Cointelegraph reached out to Galaxy Digital for further details on the transaction, and although the company declined to comment further, they did confirm the authenticity of the press release.
Galaxy did not reveal the client’s identity but stated that the “transaction was part of the investor’s broader real estate planning strategy.”
The announcement came on a day of heightened volatility for Bitcoin, with the price briefly dipping below $115,000 on Friday, according to Cointelegraph.
Data from Lookonchain several large transactions from Galaxy Digital throughout the day, totaling nearly 30,000 BTC, with most of the funds sent directly to exchanges.
These transactions were tied to a Bitcoin investor who earlier this month — coins that were later transferred to Galaxy, according to Lookonchain from July 16–17.
Related:
After a brief drop of nearly 4% on Friday, Bitcoin’s price quickly rebounded and was last seen trading above $117,300, according to Cointelegraph.
Jason Williams, analyst and author of Bitcoin Hard Money, that the entire sale has already been “fully absorbed by the market,” suggesting that prices are poised to move significantly higher.
“80,000 BTC, over $9 billion, was sold into open market order books, and bitcoin barely moved,” Joe Consorti, head of growth at Theya, a Bitcoin custody infrastructure company.
Bitcoin’s price has surged this year, recently reaching a new all-time high above $123,000, driven by strong exchange-traded fund inflows, and favorable regulatory developments in the United States.
Magazine:
