According to data from Arkham Intelligence, Galaxy Digital Wallets have routed over 17,000 BTC to major exchanges within the last 24 hours.
Transactions totaling over $1.7 billion at current prices included deposits to Binance, OKX, Bibit and Bitstamp, following a wave of internal transfers from the company’s major custodian addresses.
Between July 15th and 17th, Galaxy Digital’s Bitcoin Holdings rose from around $850 million to over $6 billion. This increase has followed the integration of 80,000 BTC from Legacy Wallets since 2011. Some of these wallets were identified earlier this month. Encryption Like they made a profit of 14,000,000%.
On-chain data shows that the majority of the funds have arrived in a handful of large transactions, including a single 10,000 BTC deposits associated with the custody arrangements by analysts. Arkham’s data shows that the newly received Bitcoin remained static for several days before Galaxy began to transfer to the exchange wallet.
The facility’s sales activities were already detectable as early as Thursday morning, according to block trending CauêOliveira. Their analysis pointed to a net spill of 40,000 BTC from a large player wallet over seven days with minimal book liquidity. The company warned of potential downward pressures if more distribution could occur in thin order books.
Bitcoin prices have fallen about 2.5% in the last 24 hours, trading around $115,600 at the time of writing. Encryption Data show daily volumes exceeding $94 billion, suggesting that traders are responding to increased sell-side pressure.
On-chain analysts noted that some of Galaxy’s outgoing Bitcoin has reached exchange hot wallets in astounding batches.
The Origin Wallet, which was active before 2012 and dormant until this month, began relocating 80,000 BTC on July 4th. The final tranche, which exceeds 40,000 BTC, arrived on July 18th.
Galaxy Digital handles assets frequently on behalf of institutional clients. The nature of recent flows suggests that strategic unwinding is ongoing. The company, which still holds over 60,000 BTC, has the option to continue offloading assets or return them to cold storage. Analysts are focusing on on-chain indicators to determine whether current sales trends will persist.
Update: According to Sani from TimeChainIndex, as of 12.00 GMT, there are only 10,000 BTC remaining, with the rest being sent for sale. The total amount of ~70,000 Bitcoins on sale now is around $8 billion.