The post Galaxy Digital Completes $9 Billion Bitcoin Sale for Satoshi-era Investor: What Next for BTC Price? appeared first on Coinpedia Fintech News
Galaxy Digital Inc. (NASDAQ: GLXY), a financial investment firm focused on the crypto market, has announced the completion of the sale of one of the largest Bitcoin (BTC) troves in history. According to the announcement on Friday, July 25, Galaxy Digital finalized the sale of more than 80k BTC, worth over $9 billion based on the current market value of about $117k.
“Galaxy completed the sale of more than 80,000 bitcoin – valued at over $9 billion based on current market prices – for a Satoshi-era investor, representing one of the earliest and most significant exits from the digital asset market. The transaction was part of the investor’s broader estate planning strategy,” Galaxy Digital noted.
What the Satashi-era Exits Mean for the Bitcoin Market
The strategic exit of the Satoshi-era investor marks the entrance of institutional capital to the Bitcoin market. Furthermore, the rising demand for the U.S. spot BTC ETFs by institutional investors has increased the overall cash inflow to the Bitcoin market.
Meanwhile, the exit of early Bitcoin investors marks a potential onset of the 2025 altseason. Moreover, the demand for Ethereum and the wider altcoin market is evident through the spot ETF cash flows.
BTC Price Eyes New ATH
After a solid breakout towards price discovery earlier this month, BTC price has been forming a bullish flag in the past two weeks. The flagship coin rebounded above $117k on Friday, July 25 during the mid-North American session, after teasing below $115k in the last 24 hours.
From a technical analysis standpoint, BTC price is well-positioned to rally towards a new all-time high in the near future. Moreover, the BTC price has already started its parabolic phase, which is characterized by euphoric trading.
The midterm bullish sentiment will be invalidated if Bitcoin price drops consistently below the support/resistance level around $109k