Bitcoin Recovers After Galaxy Sells $9B in Dormant BTC Holdings
Bitcoin rebounded Friday after briefly slipping below $115,000, as Galaxy Digital confirmed it had completed the sale of $9 billion worth of BTC from a long-inactive whale wallet — easing market concerns over sustained selling pressure.
BTC climbed back to $117,200 by midday, trimming losses to 1.2% over the past 24 hours and returning to the price range it has held for the past two weeks.
Galaxy Executes One of Crypto’s Largest-Ever Bitcoin Sales
Galaxy disclosed it had facilitated the sale of 80,000 BTC on behalf of a client as part of an estate planning strategy, calling it “one of the largest notional bitcoin transactions in the history of crypto.” The coins originated from wallets dating back more than a decade, untouched since Bitcoin’s early days.
On-chain data first detected the movement of the funds earlier this month, sparking speculation about a possible large liquidation. That concern materialized overnight Thursday as Galaxy moved the final tranches of BTC to exchanges, coinciding with Bitcoin’s dip under $115,000.
Analysts Suggest Bottom May Be In
With the sale now complete, some analysts believe the worst of the near-term pressure may be behind the market. John Glover, CIO of crypto lending platform Ledn, said the sell-off could mark the end of a corrective phase.
“Once completed — either today or over the weekend — I expect we’ll finish wave iii by rallying to around $132,000,” Glover noted, citing Elliott Wave analysis.
The clearing of a major supply overhang could open the door for renewed bullish momentum, particularly as broader market conditions remain supportive.
