On the morning of July 25, Galaxy Digital transferred over 10,000 BTC, valued at around $1.1 billion, to various cryptocurrency exchanges. A considerable portion originated from a "Satoshi-era whale," a large holder who had been inactive for 14 years. Between July 15 and July 17, this early Bitcoin investor moved over 80,000 BTC to Galaxy Digital, prompting speculation about a planned OTC sale.
Update:#GalaxyDigital has transferred nearly 30,000 $BTC($3.5B) out today, most of which went directly to exchanges and were sold.
— Lookonchain (@lookonchain) July 25, 2025
Then #GalaxyDigital withdrew 1.15B $USDT from exchanges.#GalaxyDigital still holds 18,504 $BTC($2.14B).https://t.co/bVtNwP2iXI pic.twitter.com/Wv1cD3aHbf
Several hours later, Lookonchain confirmed Galaxy Digital liquidated its acquired Bitcoins, withdrawing $370 million in USDT and subsequently an additional $1.15 billion from exchange platforms. Currently, Galaxy Digital retains a balance of 18,504 BTC, approximately worth $2.14 billion.
Note that #GalaxyDigital has deposited over 10,000 $BTC($1.18B) to exchanges in the past 8 hours!
— Lookonchain (@lookonchain) July 25, 2025
The 10,000+ $BTC comes from the Bitcoin OG holding 80,009 $BTC($9.68B).https://t.co/qaSj0NKwmD pic.twitter.com/09XEqB6VGg
Ethereum Expected to Outperform Bitcoin
Amid these market movements, Mike Novogratz provided bullish commentary on Ethereum during an interview with CNBC. He projected Ethereum would outpace Bitcoin's growth in the coming months, driven by escalating institutional demand and potential supply shortages.
"Approaching the $4,000 mark again seems inevitable—perhaps even multiple times," Novogratz stated. Additionally, he underscored Bitcoin’s long-term bullish outlook, describing the $150,000 price point as an "entirely achievable goal."
Investor Panic Leads to Increased Selling Pressure
The market quickly reacted to Galaxy Digital’s significant BTC sell-off, triggering investor panic and a rapid decline of 2.6% in Bitcoin's value. At the time of this writing, Bitcoin is trading at approximately $115,582.
Some crypto analysts suggest the potential for further price declines. Daan Crypto Trades noted a critical support level near $113,500, emphasizing that sustained selling could breach current support ranges. Additionally, well-known Hyperliquid whale James Wynn echoed this sentiment, forecasting BTC to potentially reach $113,000.
$BTC Testing its range low and swept the local liquidity.
— Daan Crypto Trades (@DaanCrypto) July 25, 2025
Most of this sell off is coming from Galaxy Digital which has sent $2B+ of Bitcoin to exchanges to sell. This is still part of that 80K BTC whale. The Bitcoin price has stalled ever since those coins started moving.
A… https://t.co/8m04lS4JC4 pic.twitter.com/fRW4DtBwL2
However, contrasting perspectives also emerged within the crypto community. Trader Ether Wizz highlighted a potential positive outcome, noting, "Historically, significant BTC sales by Galaxy Digital often precede notable gains in altcoin markets."
Strategic Buyers Enter the Market
Amidst the selling pressure, strategic buyers also emerged. British firm The Smarter Web capitalized on the dip, acquiring 225 BTC at an average price of $118,076 per coin, totaling approximately $26.4 million. Following this acquisition, the company now holds 1,825 BTC purchased at an average price of $109,088.
$BTC is going to $113,000
— James Wynn 🤴 (@JamesWynnReal) July 25, 2025
$ETH is going to $3,000
Alts will CRASH HARD.
Prepare for impact… pic.twitter.com/hP7aYRp9nd
The Smarter Web, transitioning from web design to a dedicated Bitcoin treasury strategy, retains an additional $1.3 million in cash reserves for further Bitcoin acquisitions. CEO Andrew Webley labeled Bitcoin as "the world's best asset" and an essential reserve for future business strategy.
"Since our IPO, we have successfully raised over £100 million in equity without significant debt, positioning us exceptionally strong for our long-term strategic objectives," Webley remarked.
Meanwhile, another prominent crypto investor has notably placed a large short bet, predicting Bitcoin's price to dip below $110,000 by early August.