Galaxy Digital has transferred 17,123 Bitcoin, valued at approximately $1.98 billion, to centralized exchanges within a 12-hour period, fueling concerns about mounting sell pressure in the cryptocurrency market.
According to blockchain analytics platform Lookonchain, more than 10,000 BTC were moved by Galaxy Digital during the first 8 hours, followed by an additional 7,000 BTC shortly after. The transfers appear to be connected to a historic “Satoshi-era” wallet, which recently moved over 80,000 BTC after remaining inactive for 14 years.
Note that #GalaxyDigital has deposited over 10,000 $BTC($1.18B) to exchanges in the past 8 hours!
The 10,000+ $BTC comes from the Bitcoin OG holding 80,009 $BTC($9.68B).https://t.co/qaSj0NKwmD pic.twitter.com/09XEqB6VGg
— Lookonchain (@lookonchain) July 25, 2025
Further on-chain analysis indicates that Galaxy Digital deposited 14,273 BTC into multiple exchanges in batches worth around $1.67 billion. One of the largest single transactions involved 5,690 BTC transferred within just an hour. Data from Arkham Intelligence shows that another 2,850 BTC, valued at $330 million, was moved to trading platforms as of press time, bringing the total to 17,123 BTC in less than half a day.
Alongside these Bitcoin transfers, Galaxy Digital also withdrew $370 million in USDT from major exchanges, including OKX, Binance, and Bybit. This suggests that the company may be actively rebalancing its portfolio or preparing for additional market moves.
The significant inflows to exchanges have weighed heavily on Bitcoin’s price. The cryptocurrency dropped more than 2% in the last 24 hours, falling from a recent high of $119,000 to $115,600. At press time, Bitcoin is trading at $115,444, marking a 4.21% decline over the past week, according to CoinMarketCap data.
Amid these market developments, Galaxy Digital is advancing toward its long-anticipated U.S. stock market debut. The company recently announced that the U.S. Securities and Exchange Commission (SEC) approved its registration statement, clearing its Form S-4. This approval outlines the company’s plan to shift its base from the Cayman Islands to Delaware and form a new U.S.-based holding company, Galaxy Digital Inc. (“New Pubco”).
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