Bitcoin experienced a significant price drop recently, primarily triggered by massive transfers of the cryptocurrency to exchanges by Galaxy Digital. The financial services firm, operating a proprietary trading desk, initiated a series of large deposits that exerted substantial downward pressure on BTC's value.
<h2>Large-Scale Deposits Fuel Price Correction</h2>
[embed]https://twitter.com/lookonchain/status/1948596074849206467[/embed]

The downturn began when Galaxy Digital deposited an initial 10,000 BTC, valued at approximately $1.18 billion, onto various exchanges. This considerable movement immediately contributed to a sharp decline in Bitcoin's price. Hours later, the firm followed up with another significant transfer of 2,850 BTC, worth roughly $330 million, further intensifying the selling pressure. This combined action caused Bitcoin to nosedive to an intraday low of $115,125, marking its lowest price point since July 10.

Interestingly, the initial 10,000 <a href="https://www.cryptoknowmics.com/news/peter-schiff-reiterates-call-to-sell-bitcoin-for-silver-as-btc-hits-new-highs/">BTC</a> originated from a "Satoshi-era whale," a long-dormant large holder, who had recently moved their remaining $4.77 billion in Bitcoin to Galaxy Digital. This transfer suggests a strategic decision by the whale, executed through Galaxy Digital, that had immediate market repercussions.
<h2>Cascade of Liquidations Follows</h2>
The dramatic sell-off by Galaxy Digital had a cascading effect across the broader cryptocurrency market. It led to the partial liquidation of a mysterious whale's highly leveraged 20x long position, resulting in an estimated $2.1 million loss for that entity. In total, the market witnessed over $706.66 million in liquidations within a 24-hour period, with long positions bearing the overwhelming brunt of the losses. This event underscores how large, strategic movements by major players can profoundly influence market dynamics and trigger widespread volatility, especially in a leveraged trading environment.

Bitcoin Plunges as Galaxy Digital Deposits $1.5 Billion in BTC to Exchanges

Bitcoin plunged to $115K after Galaxy Digital deposited $1.5B in BTC to exchanges, triggering $706M in liquidations.

Bitcoin Plunges as Galaxy Digital Deposits $1.5 Billion in BTC to Exchanges

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