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Galaxy Digital’s recent deposit of 10,000 BTC to exchanges has triggered a significant Bitcoin price drop, marking the lowest level since early July.
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This large-scale movement originates from a Satoshi-era whale, intensifying market pressure and contributing to ongoing volatility in Bitcoin trading.
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COINOTAG reports that the sell-off continues as Galaxy Digital transferred an additional 2,850 BTC, exacerbating bearish sentiment among Bitcoin investors.
Galaxy Digital’s massive BTC deposits from a Satoshi-era whale spark sharp Bitcoin price decline, triggering liquidations and heightened market volatility.
Galaxy Digital’s BTC Transfers and Market Impact on Bitcoin Price
In a notable development within the cryptocurrency market, Galaxy Digital, a prominent financial services firm known for its proprietary trading operations, has moved a substantial volume of Bitcoin to exchanges. According to analytics firm Lookonchain, Galaxy Digital deposited 10,000 BTC—valued at approximately $1.18 billion—within a short timeframe. This significant influx of BTC onto exchanges has been closely linked to a sharp downturn in Bitcoin’s price, which plunged to an intraday low of $115,125 on Friday, marking the lowest level since July 10. The market reaction underscores the sensitivity of Bitcoin’s price to large-scale asset movements, especially when originating from influential holders such as Satoshi-era whales.
Origin of the BTC Movement: Satoshi-Era Whale Influence
Lookonchain has identified the source of the 10,000 BTC deposit as a Satoshi-era whale, a long-standing Bitcoin holder whose portfolio recently transferred $4.77 billion to Galaxy Digital. This transfer highlights the ongoing influence that early Bitcoin adopters exert on market dynamics. The whale’s decision to liquidate or reposition assets through Galaxy Digital has introduced significant selling pressure, which is further evidenced by Galaxy Digital’s subsequent transfer of an additional 2,850 BTC (approximately $330 million) to exchanges shortly after. These movements have intensified bearish sentiment, challenging Bitcoin bulls who are attempting to stabilize prices above the $115,000 mark.
Market Liquidations Triggered by Price Decline
The sharp decline in Bitcoin’s price has precipitated substantial liquidations across leveraged positions. Notably, AguilaTrades, a well-known whale trader tracked by the community, suffered a partial liquidation on a 20x long position, resulting in a loss of $2.1 million. Despite this setback, AguilaTrades continues to hold a BTC position with a floating loss of $4 million, reducing the overall portfolio value to $37 million. This event exemplifies the risks associated with high leverage in volatile markets and the cascading effects of large sell-offs on trader positions.
Broader Liquidation Trends and Market Sentiment
Data from CoinGlass reveals that over the past 24 hours, liquidations have totaled $706.66 million, with long positions accounting for $551.67 million of the wiped-out value. This disproportionate impact on long holders indicates a strong bearish momentum, as leveraged traders are forced to exit positions amid falling prices. The liquidation wave reflects heightened market uncertainty and underscores the importance of risk management strategies in cryptocurrency trading. Investors and traders are advised to monitor these developments closely, as continued selling pressure could influence Bitcoin’s short-term price trajectory.
Conclusion
The recent BTC transfers by Galaxy Digital, originating from a Satoshi-era whale, have significantly influenced Bitcoin’s market dynamics, triggering a notable price decline and widespread liquidations. This sequence of events highlights the critical role of large holders and proprietary trading desks in shaping market sentiment. While Bitcoin currently struggles to regain footing above $115,000, the ongoing sell-off and liquidation activity suggest that volatility will remain elevated in the near term. Market participants should exercise caution and consider the implications of leveraged positions amid these developments.
