Galaxy Digital, a major player in crypto financial services, has made a significant Bitcoin (BTC) transfer, according to blockchain analytics.
Lookonchain, a platform that monitors blockchain activity, reports that Galaxy Digital recently moved 3,782 BTC. This follows another substantial transaction involving the leading cryptocurrency just days earlier.
“Speculation arises: Is Galaxy Digital assisting clients with further BTC sales? [On Monday], they shifted another 3,782 BTC, valued at $447 million, with a large portion directed towards various exchanges.”
On Friday, Galaxy Digital revealed it had facilitated “one of the largest Bitcoin transactions ever recorded” for a client holding a Bitcoin wallet dating back 14 years.
“Galaxy finalized the sale of over 80,000 Bitcoin – with a value exceeding $9 billion at current market rates – on behalf of a long-term investor from the Satoshi era. This transaction was executed as part of the investor’s estate planning strategy.”
Meanwhile, Galaxy’s CEO, Mike Novogratz, suggests that Ethereum (ETH) has the potential to outperform Bitcoin in the coming months.
In a recent CNBC Television interview, Novogratz stated that if Ethereum were to reach $4,000 again, it could enter a “price discovery” phase, potentially allowing it to exceed Bitcoin’s performance.
Currently, Bitcoin is trading at $117,498, showing a slight decrease over the past 24 hours. Ethereum is priced at $3,769, also experiencing a minor drop on the day.
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Disclaimer: The views expressed on The Daily Hodl should not be considered investment advice. Prior to investing in Bitcoin, other cryptocurrencies, or digital assets, investors are advised to conduct thorough research. Be aware that all transfers and trades carry risk, and you are solely responsible for any losses. The Daily Hodl does not provide investment recommendations and is not an investment advisor. Please also note that The Daily Hodl may engage in affiliate marketing.
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This article, Galaxy Digital Moves $447 Million in Bitcoin (BTC), Sending Majority to Exchanges: On-Chain Analysis, first appeared on The Daily Hodl.