Galaxy Digital Buys $82 Million in Bitcoin Amid Market Dip

Galaxy Digital has again increased its Bitcoin holdings, purchasing 380 BTC today and an additional 600 BTC on August 20. Arkham Intelligence reports that the wallet address 12QVsf, linked to Galaxy Digital, received Bitcoin valued at approximately $59 million from these two transactions initiated via the Binance cryptocurrency exchange. 

Galaxy Digital Expands Portfolio

According to Arkham Intelligence, Mike Novogratz’s Galaxy Digital has recently increased its Bitcoin assets, signalling strong confidence in the future trajectory of Bitcoin prices. On August 20, the firm added 600 BTC to its assets, followed by a purchase of 380 BTC earlier today. 

This follows another transaction on Monday, when Galaxy Digital acquired 400 BTC, amounting to a $23 million investment. These aggressive moves are part of the Novogratz-led firm’s broader strategy to capitalize on market movements, as it accumulated 1380 BTC worth $82.8 million in just two days.

These acquisitions come when Bitcoin prices have shown some volatility, yet Galaxy Digital’s investment spree indicates a bullish outlook. This purchasing pattern suggests a strategic positioning to leverage potential price increases in the future. Following the massive purchases, the asset management firm’s wallet now holds more than 4000 BTC.

Bitcoin Price Struggles Below $60K

Despite recent purchases from Galaxy Digital, Bitcoin has recently struggled to maintain support at the $60,000 mark. Over the past month, the cryptocurrency has oscillated between $50,000 and $60,000, facing key resistance around the higher threshold. Despite this resistance, the market shows resilience, with significant buying interest noted at lower price levels.

However, market analysts have remained bullish on Bitcoin, citing technical patterns and macroeconomic factors. Recent data from K33 Research suggests an imminent short squeeze due to negative perpetual funding rates, hinting at a potential sharp Bitcoin price rally. 

Veteran trader Peter Brandt notes a megaphone pattern in the charts, suggesting volatility and a possible significant price movement.

This price behaviour underlines the volatile nature of the broader crypto market. Investors and traders continue to monitor these fluctuations closely, as they present both risks and opportunities.

Mt. Gox Exchange Movements

In related developments, the defunct exchange Mt. Gox has also been active, transferring substantial amounts of Bitcoin. Today, Mt. Gox moved 13,265 Bitcoins to unknown wallets as part of its repayment plan. This massive movement is worth approximately  $784 million. 

Moreover, in July only, data shows the exchange transferred 95,523 Bitcoins, valued at approximately $6.14 billion, to various cryptocurrency exchanges, including BitGo, Kraken, and Bitstamp, as part of its repayment efforts. Despite these transactions, Mt. Gox still retains 46,164 BTC, valued at $2.74 billion. 

The continued movement of these coins is part of a broader effort to settle the exchange’s long-standing debts and finalize repayments by the end of the year. This situation remains a critical point of observation for investors and market analysts.

Positive Inflows into BTC ETFs

Despite the challenges in price support, Bitcoin ETFs have seen positive inflows, indicating sustained investor interest. Over the last ten trading days, spot Bitcoin ETFs recorded inflows on eight days, with a notable aggregate inflow of $88 million on August 20. The continued inflows into Bitcoin ETFs emphasize investors’ confidence and focus on long-term potential. 

At the time of writing, Bitcoin’s price is $59,485.24, showing a daily decline of 2.17%. The trading volume has also decreased by 8.10%, amounting to $271,190,908,678.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.