- Onchain sleuths spotted some big Bitcoin moves by Galaxy.
- Last week, more than 80,000 dormant Bitcoin came to life.
- Markets cooled this week after a hefty rally.
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Hey everyone, Liam here.
Quick question: What do you do when an asset hits record highs?
You sell.
On Thursday, the crypto mogul’s firm, Galaxy Digital, sent heaps of its Bitcoin stash to exchanges.
Some $4 billion, to be precise, according to Arkham Analytics.
Sending crypto to exchanges doesn’t necessarily mean someone is selling their coin. That being said, Galaxy has withdrawn $1.15 billion in stablecoins.
Whether Bitcoin was already sitting on the exchange is unclear.
Additionally, Galaxy Digital could be making these moves on behalf of another client or moving into other investments.
On July 18, for example, a Bitcoin address that had been dormant for 14 years sent $9.5 billion in Bitcoin to Galaxy.
Galaxy Digital did not immediately respond for comment.
Either way, after a bullish week, any selling activity makes sense.
And given the recent dip in markets, Galaxy clearly isn’t the only outfit trimming its portfolio after such an eye-watering rally.
In the last quarter, Bitcoin has soared more than 22%. Ethereum, previously the laggard, jumped a whopping 106% over the same period.
Even the memecoin market, comprising useless cryptocurrencies based on internet jokes, has surged by nearly 40% in the past month.
Indeed, perhaps a breather was in order.
Analysts suggest that this is all fairly standard.
“Any sharp pullback, like profit-taking after recent peaks, could trigger a rapid correction,” James Toledano, the chief operating officer of Unity Wallet, told DL News. “We see this happen all the time.”
Others are as bullish as ever amid the dip.
Arthur Hayes, the outspoken chief investment officer of Maelstrom, says the premier cryptocurrency will hit $250,000 by year’s end.
“Bitcoin is the best horse to ride if you believe there will be more units of fiat created in the future,” Hayes wrote on Wednesday.
Liam Kelly is a DeFi Correspondent at DL News. Eric Johansson is DL News’ interim managing editor. Got a tip? Email them at liam@dlnews.com and eric@dlnews.com.