Bitcoin Holds Firm at $116K as Galaxy Digital Unloads Billions
Bitcoin stabilizes at $116,000 despite Galaxy Digital selling $3.5B in BTC, signaling robust market resilience.
Bitcoin demonstrated notable resilience this week, rebounding to $116,000 despite a massive liquidation by Galaxy Digital that saw nearly $3.5 billion in Bitcoin hit the market. This unexpected strength suggests a maturing market capable of absorbing large-scale volatility.
According to blockchain analytics firm Lookonchain, Galaxy Digital transferred close to 30,000 BTC—valued at approximately $3.5 billion at the time—out of its wallets, sending the majority directly to major exchanges including Binance, OKX, and Bybit. Initial deposits amounted to 10,000 BTC, followed shortly by another 2,850 BTC.
Blockchain data indicates that Galaxy subsequently withdrew roughly $1.15 billion in USDT stablecoins from exchanges, implying that a significant portion of the BTC was successfully sold. The sales appear to have been triggered by recent movements in a long-dormant Satoshi-era wallet that reactivated in early July. That address, which once held 80,000 BTC, transferred half its contents—about 40,000 BTC—into wallets controlled by Galaxy.
Initially interpreted as a standard wallet upgrade, the pattern shifted when sizeable amounts began flowing toward exchanges, signaling clear sell intent. The market response, however, was unexpectedly steady. Bitcoin briefly dipped to $114,700 before regaining ground. At press time, it hovers near $116,000—down just 1.6% for the day.
Aiding this recovery was a renewed inflow into Bitcoin ETFs, which saw $227 million in net gains after three consecutive days of outflows. The influx offered a stabilizing counterweight to Galaxy's massive offloading.
Despite this large-scale liquidation, Galaxy Digital retains roughly 18,500 BTC in its wallets, while an additional 12,000 BTC from the original 80,000 BTC whale remains inactive. Analysts suggest these holdings could still re-enter the market, though further impact is expected to be minimal. According to EmberCN, much of the selling occurred through a combination of public markets and over-the-counter (OTC) channels, which help minimize direct pressure on exchange order books.
The episode underscores the increasing sophistication and resilience of the Bitcoin market. While such large sales once had the potential to spark cascading losses, today’s liquidity infrastructure and institutional participation appear capable of dampening those effects.
