Galaxy Digital Dumping BTC? On-Chain Data Suggests Bitcoin’s Next Big Reversal

Whale alert: Galaxy Digital's wallets are moving again—and this time, it might signal a market inflection point.

### The Ominous On-Chain Footprint

Blockchain sleuths spotted seven-figure Bitcoin transfers from known Galaxy cold wallets to exchanges this week. When institutional players start bridging to sell-side liquidity, history shows retail often follows.

### The Contrarian Take

But here's the twist: miner reserves just hit a three-year low while Tether's treasury swelled by $1.8B this month. Somebody's accumulating—and it's not the guys panic-selling their ETF shares.

### The Bottom Line

Watch the $58K support like a hawk. Break that, and even the diamond hands start sweating. Hold it? We might just see the mother of all short squeezes. After all, Wall Street always buys the rumor and sells the news—unless they're doing the opposite this time (they won't).

Bitcoin is holding steady around $118,000, showing resilience despite growing market concerns. But a series of large transfers by Galaxy Digital have sparked fresh concerns. Could a sell-off be coming? 

Let’s dive in. 

Galaxy Digital Moves $447M in Bitcoin, Community on Edge 

In a latest development, on-chain data shows that Galaxy Digital has moved 3,782 Bitcoins worth $447 million to several wallets in the past 12 hours. The bulk of these transfers were to major crypto exchanges, which have sparked fears in the crypto community. Is Galaxy Digital all set to facilitate another round of Bitcoin selling?

Is #GalaxyDigital helping clients sell $BTC again?

In the past 12 hours, GalaxyDigital has transferred out another 3,782 $BTC($447M), most of which went to exchanges.https://t.co/lD8tgkBx00https://t.co/u8s0VjLG5p pic.twitter.com/4wqf8DZx2y

One of the transactions involved 450 BTC in a single move. Galaxy hasn’t released an official comment yet, but the size and timing of the transfers have sparked fresh speculation about a potential sale.

Bitcoin Price Remains Stable, For Now

Despite the noise, bitcoin hasn’t moved much. It’s currently trading at $118,217, down just 0.4% in the past 24 hours. This is a sharp contrast to last week, when Galaxy moved $9 billion worth of BTC from a dormant wallet dating back to the Satoshi era, pushing prices briefly down to $116,000.

The fact that Bitcoin held its ground this time shows more stability in the market, but investors remain cautious.

Long-Term Holders Begin Taking Profits Near $120K

A Cryptoquant analyst points out that long-term Bitcoin holders (LTHs) have turned net negative right as BTC approaches the key $120,000 resistance, which is a strong psychological level. This shift suggests some seasoned investors may be locking in profits after holding through multiple market cycles.

While Bitcoin’s overall selling is not a big concern yet, Galaxy Digital’s huge sale of 80,000 BTC stands out. The analyst notes that this is a clear example of institutional-level profit-taking. Will other large holders follow Galaxy’s lead? Or is it simply a strategic decision to cash in after Bitcoin’s strong rally? 

Whatever the case is, these actions could significantly shape Bitcoin’s direction in the coming weeks.

Bitcoin Top Could Be Weeks Away

On-chain data shows Bitcoin might be NEAR a cycle top. The MVRV 365DMA is showing a pattern like 2021, just before the last big drop. If the pattern repeats, the peak could come in late August or early September. This also lines up with market expectations around Fed policy and macro shifts.

The next Bitcoin $BTC top could be at $149,679! pic.twitter.com/knZXTdjKve

Analysts note that Bitcoin has once again closed the CME futures gap on Monday, marking the sixth week in a row. crypto analyst Ali suggests that Bitcoin’s next major peak could hit $149,679.