Mike Novogratz’s Galaxy Digital has moved more Bitcoin out of its wallets, stirring fresh debate about whether big players are selling or just handling client business.
According to on-chain trackers and posts shared by analytics firm CryptoQuant, a total of 1,531 BTC was recently transferred out of wallets linked to Galaxy.
Galaxy’s Client Trades
Galaxy acts as both a merchant bank and a trading desk for institutions, so large transfers don’t always mean the firm is cutting its own exposure.
Reports have pointed out that Galaxy has executed major client orders before — including a notional sale of over 80,000 BTC in the past quarter — and many of those trades are handled off-exchange via OTC channels.
Those facts make it hard to read short-term outflows as pure profit-taking by Novogratz’s firm.
Galaxy Digital Outflow Spikes
Over 1,531 BTC moved out of Galaxy Digital wallets — a clear sign of rising short-term selling pressure in the market. pic.twitter.c
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