Bitcoin Stabilizes After Galaxy Sells $9B in Dormant Whale Holdings
Bitcoin regained its footing Friday following confirmation that Galaxy had completed a landmark $9 billion sale of long-dormant BTC — easing investor concerns over selling pressure from one of the largest known whale transactions in crypto history.
BTC briefly dropped below $115,000 overnight but rebounded to around $117,200 by afternoon trading. Despite the recovery, the asset remains down 1.2% over the last 24 hours.
Galaxy Executes Massive BTC Transfer From Early Wallet
Asset manager Galaxy Digital confirmed the sale of 80,000 BTC on behalf of a client — an entity that had held the coins untouched for over a decade. The sale, part of a long-term estate planning strategy, marked what the firm called “one of the largest notional bitcoin transactions in the history of crypto.”
Earlier this month, on-chain data flagged the movement of BTC from wallets linked to early mining activity. Transfers to exchanges by Galaxy overnight likely marked the final stages of the sale, coinciding with Bitcoin’s brief dip.
Analysts Turn Optimistic as Selling Pressure Subsides
With the overhang from the whale liquidation now removed, some analysts see room for a near-term recovery. John Glover, CIO at crypto lender Ledn, believes Bitcoin may be bottoming out, setting the stage for a renewed rally.
“Once completed — either today or over the weekend — I expect we’ll finish wave iii by rallying to around $132,000,” Glover wrote, citing Elliott Wave analysis.
Market participants will be watching closely to see whether Friday’s rebound can gain traction — especially now that one of the biggest supply events in years has cleared.
