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.

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.

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.

Binance BTC/USD Hourly Chart

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.

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.

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.

Strategic Buyers Enter the Market

"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.