Galaxy Digital Acquires 400 BTC, Boosting Market Optimism

Galaxy Digital, led by Mike Novogratz, has expanded its Bitcoin holdings by acquiring 400 BTC today.

On-chain data shows this purchase amounts to about $23 million, despite Bitcoin recently retreating below the $60,000 mark.

This significant acquisition has sparked positive sentiment in the broader crypto market. The move is being interpreted as a strategic buy-the-dip action, especially given the recent drop in BTC’s price to around $58,000.

According to Arkham Intelligence, Galaxy Digital’s wallet, identified as 12QVsf.., acquired the 400 BTC from Binance on August 19. This purchase increases the wallet’s total holdings to 3,150 BTC, valued at approximately $184.56 million.

READ MORE:

Binance Futures Launches New Altcoin with 50x Leverage

The substantial increase in holdings adds notable buying pressure, fueling investor optimism about Bitcoin’s future performance. Additionally, recent comments from crypto analyst Ali Martinez have drawn attention to the positive aspects of Bitcoin’s market cycle.

Martinez highlighted that, based on historical data, Bitcoin is in the early phase of its cycle post-halving, with previous cycles showing market peaks around 530 days after halving. This suggests the market may still be anticipating a new all-time high for Bitcoin.

Alexander Stefanov