Veteran Bitcoin holder liquidates $1.7 billion in cryptocurrency through Galaxy as value declines to $115,000.

Galaxy Digital wallets have transferred over 17,000 BTC to prominent exchanges in the last 24 hours, as reported by Arkham Intelligence.

The transactions, amounting to more than $1.7 billion at current market values, included deposits to Binance, OKX, Bybit, and Bitstamp, following a series of internal transfers from the company’s main custodian address.

From July 15 to 17, Galaxy Digital’s Bitcoin assets increased from roughly $850 million to over $6 billion. This surge followed the consolidation of 80,000 BTC from legacy wallets that had been inactive since 2011. Some of these wallets were previously identified by CryptoSlate as having achieved a profit of 14,000,000%.

Galaxy Bitcoin holdings (Source: Arkham Intelligence via Cauê Oliveira)

On-chain data reveals that the majority of the funds were transferred in a few high-volume transactions, including a single deposit of 10,000 BTC, which analysts link to a custodial arrangement. Arkham data indicates that the newly acquired Bitcoin remained unchanged for several days before Galaxy started moving it to exchange wallets.

Bitcoin transfers (Source: Arkham Intelligence via Cauê Oliveira)

According to Cauê Oliveira of BlockTrends, institutional selling activity became apparent as early as Thursday morning. Their analysis indicated a net outflow of 40,000 BTC from large player wallets over a week, with minimal liquidity in the order book. The firm cautioned about potential downward pressure if further distribution occurs in thin order books.

Bitcoin’s price has decreased by approximately 2.5% in the past 24 hours, trading around $115,600 at the time of this report. Data from CryptoSlate shows daily volume exceeding $94 billion, indicating that traders are reacting to heightened sell-side pressure.

On-chain analysts observed that some of Galaxy’s outgoing Bitcoin is arriving at exchange hot wallets in staggered batches, a pattern typically linked to distribution rather than custody migration.

The origin wallets, which were active before 2012 and had been dormant until this month, began transferring the 80,000 BTC on July 4. The final batch, comprising over 40,000 BTC, was received on July 18. Although the receiving addresses are associated with Galaxy, the firm has not yet confirmed the beneficiary or the purpose of the transaction.

Galaxy Digital often manages assets for institutional clients. The nature of the recent transactions suggests that a strategic unwind may be in progress. Still holding more than 60,000 BTC, the firm has the choice to either continue liquidating assets or return them to cold storage. Analysts are closely monitoring on-chain indicators to assess whether the current selling trend will continue.

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