Bitcoin’s Bloody Ballet: Galaxy Digital’s $1.5B Dump Sparks Chaos 💃💸

by

Oh, darling, Bitcoin’s brief flirtation with summer glamour has come to a rather abrupt and graceless end. The poor dear slipped from an intraday tiara of $119,000 late Thursday to a rather dowdy $115,800 in the European morning hours—its most lackluster performance in a fortnight. This 2.7 percentage-point tumble followed an unmistakable on-chain whisper: Galaxy Digital, with all the subtlety of a debutante at her first ball, paraded over 10,000 BTC—worth a cool $1.18 billion—onto major exchanges in less than eight hours. How gauche, darling. 😏

“Bitcoin sell-off still underway!” gasped Lookonchain on X, as if anyone needed reminding. Apparently, another 2,850 BTC ($330.44M) waltzed onto exchanges early this morning, originating from a Satoshi-era whale who decided to wake up and smell the coffee this month. Prior to that, the analytics account posted an alert that read like a gossip column: “Note that Galaxy Digital has deposited over 10,000 BTC ($1.18B) to exchanges in the past 8 hours!” Screenshots revealed a series of multi-million-dollar transactions sashaying toward Binance, Bybit, and OKX. One almost expects them to curtsey upon arrival. 🎭

Ah, but this is merely the latest act in a drama that began on the Fourth of July, when an address dormant since 2011 started carving up an 80,009-BTC treasure chest into neat little 10,000-coin slices. By July 18th, the final 40,191 BTC—worth a staggering $4.8 billion—had landed at Galaxy Digital, prompting analysts to speculate about a potential sale. And now, dear reader, that speculation has become reality. On-chain data reveals that Galaxy sends Bitcoin to exchanges almost every minute, like a nervous hostess refilling champagne flutes. Predictably, the price reacted with all the elegance of a tipsy uncle at a wedding: spot BTC dipped below $118,000 during the Asian session before plunging to $116,000 as London traders sauntered into their offices, wiping roughly $55 billion from Bitcoin’s market cap in just four hours. Bravo, truly. 👏

And where, pray tell, is Michael Novogratz, the billionaire maestro behind Galaxy Digital? Oh, he’s been spotted, darling—yesterday on CNBC, no less—reiterating his belief that Ether might “outperform” Bitcoin in the coming months. But did he mention selling? Of course not. He’s far too busy playing the enigmatic genius to drop such pedestrian hints. Meanwhile, Form 8-K filings remain conspicuously absent, leaving us all to wonder whether this is a balance-sheet reshuffle or simply a case of someone losing their marbles. Or both. Who knows? 🤷‍♂️

Naturally, the peanut gallery was quick to chime in. “Looks like the Bitcoin selloff is Galaxy Digital market dumping from a batch of 80K BTC,” mused the crypto-focused account Autism Capital on X. “Could be because they were asked to for a client, something related to Saylor, or moving into Ethereum as Novogratz suggested ETH may move more than BTC in the next few months (today on CNBC). Not worried. They have about 27K left to sell (if they’re selling the full 80k), people buy, life goes on, it continues upwards.” Ah, such optimism. One almost wants to applaud. Almost. 🙄

Capriole Investments founder Charles Edwards added his two cents via X: “At the same time that this OG whale is dropping 10K slugs into spot markets today, we have 30K of leveraged longs opening on the dip. Not a price prediction and changes nothing mid- to long-term, but this is not a great sign for the short-term price action. Even if all 80K BTC are nuked, if Treasury Company demand remains consistent, it will all be consumed in a couple weeks.” Well, isn’t that comforting? 🌋

At press time, BTC traded at $115,476. A veritable bargain, wouldn’t you say? Now, if you’ll excuse me, I’m off to invest in a monocle and a fainting couch. Ta-ta! 👋

Read More

2025-07-25 12:47