Mike Novogratz’s Galaxy Digital has started offloading cryptocurrencies once again, according to data provided by analytics firm CryptoQuant.
The firm recently moved out a total of 1,531 BTC.
Crypto analyst JA Maartun claims that this represents “a clear sign” of rising short-term selling pressure.
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The price of Bitcoin is currently sitting slightly below the pivotal $110,000 level that the bulls are struggling to reclaim.
Why Galaxy is selling coins
It is worth noting that Galaxy is a crypto merchant bank and a trading firm, meaning that the coins that it sells are usually managed on behalf of various clients (such as hedge funds and institutions). Client orders typically get executed via over-the-counter transactions.
In the second quarter, Galaxy made waves by disclosing a 80,000 BTC sale on behalf of the client.
Since then, on-chain sleuths have recorded a slew of outflows. On Oct. 24, for instance, Galaxy Digital recorded an outflow of 411 BTC.
“Rushing in”
As reported by U.Today, crypto sentiment, which is measured with the help of the “Fear and Greed” indicator, recently plunged back into the fear territory.
However, Bitwise CEO Honter Horsley insists that institutions are “rushing in.”
“At the same time as Bitcoin is at $110,000, regulatory risk has receded, and institutions are rushing in,” he said.
Horsley claims that the sentiment off X (formerly Twitter) is the best it has ever been.
However, persistent ETF outflows clearly tell a drastically different story.
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