TLDR
- Galaxy Digital sold over 10,000 Bitcoin worth approximately $1.18 billion in just eight hours.
- The Bitcoin came from a whale wallet that had been dormant for 14 years before reactivating in July.
- The wallet sent a total of 80,009 BTC to Galaxy Digital in two large batches earlier this month.
- The sale contributed to a 2.45 percent drop in Bitcoin’s price within a 24-hour period.
- Over $647 million in leveraged crypto positions were liquidated during the market downturn.
Galaxy Digital moved over 10,000 Bitcoin worth $1.18 billion across major exchanges within eight hours on Thursday. The transfers followed a month-long accumulation of 80,009 BTC from a long-dormant wallet. The sudden activity has impacted Bitcoin’s price and broader crypto market conditions.
Bitcoin Experiences Sharp Decline Following Sales
Galaxy Digital’s high-volume Bitcoin transactions coincided with a 2.45% drop in Bitcoin’s market value within 24 hours. The cryptocurrency fell from $118,500 to $115,134, although it showed minor signs of recovery shortly afterward. The rapid sale caused a temporary shock in market sentiment and volume.
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
The Bitcoin supply originated from a whale address reportedly dormant since the Satoshi era. Blockchain analytics platforms tracked the wallet movements to Galaxy Digital starting in mid-July. The whale first moved 40,000 BTC on July 15 and transferred the remaining amount two days later.
Galaxy Digital began gradually offloading the Bitcoin since the initial transfer to limit market impact. On Thursday, it executed one of the largest daily sales in months. The company used multiple centralized exchanges to distribute the volume efficiently.
Galaxy Digital’s Activity Triggers Market Liquidations
The broader crypto market saw significant leveraged position liquidations alongside Galaxy Digital’s sales. In total, $647.35 million in positions were liquidated within 24 hours, affecting Bitcoin and altcoins. Ethereum and Bitcoin traders bore the highest losses, each nearing $152 million.
Solana also faced sharp liquidations amounting to $47.73 million during the same period. XRP followed with $42.15 million in liquidations, and Dogecoin traders lost $27.41 million. These figures highlighted the extent of volatility triggered by the Bitcoin dump.
Galaxy Digital’s role in the selloff was evident from blockchain tracking data provided by Arkham and Lookonchain. The market reacted strongly to the unexpected scale of the dump. Analysts noted the synchronized timing between the transactions and market downturn.
Altcoins Underperform as Galaxy Digital Sells Bitcoin
Altcoins showed even weaker performance compared to Bitcoin following Galaxy Digital’s actions. Solana dropped 2.83% while Dogecoin lost 2.51% in market value. XRP declined toward the $3 level, marking one of its lowest points in recent weeks.
Selling pressure was reflected across the board as traders reduced exposure. Altcoins with smaller market caps recorded steeper losses than Bitcoin. Galaxy Digital’s Bitcoin offloading intensified this pressure on riskier assets.
