Digital asset management firm Galaxy Digital has announced that it has sold all the tens of thousands of Bit coins it was selling on the market on behalf of its customers over the past few days. Attention is now focused on whether Bit coin prices can rise again as strong selling pressure has disappeared.
Galaxy Digital issued a press release on the 25th (local time), stating, "We have completed the sales consignment from Satoshi-era Bit coin investor customers" and "We sold over 80,000 Bit coins, which was one of the fastest and most significant exits in the digital asset market."
The customer mentioned by Galaxy Digital is presumed to be the 'Bit coin whale' who moved 80,000 Bit coins on the 4th. This whale investor moved 80,000 Bit coins to 8 new wallets for the first time in 14 years and transferred Bit coins worth $2 billion to a centralized exchange on the 15th.
Full-scale sales are estimated to have begun on the 24th. Bit coin, which was once around $119,000, showed weakness, falling to around $114,000 that day.
On-chain data analyst 'LookOnChain' pointed out on their X that "Galaxy Digital appears to have converted 3,000 Bit coins to cash in just one day on the 24th" and "Galaxy Digital withdrew 1.15 billion USDT from the exchange after the sale."
With the 80,000 Bit coins from the Satoshi era, which suddenly appeared in early July and created market tension, being fully absorbed, supply-side downward pressure is expected to be low for the time being. As of 1 PM on the 26th, Bit coin prices are hovering around $117,500.
