Bitcoin Whale Shifts 18,300 BTC to Galaxy Digital via OTC
An inactive bitcoin whale that held coins since 2011 resumed activity on July 5, transferring 18,300 BTC (approx. $2.14 bn) to Galaxy Digital via OTC, following previous moves of 5,000 BTC in March and 3,157 BTC in June. Galaxy Digital distributed 2,000 BTC each to Binance and Bybit to reduce market impact. Despite concerns of profit-taking, bitcoin prices dipped only briefly below $117,000, reflecting strong market depth and institutional demand boosted by recent US ETF approvals. Traders should monitor Galaxy Digital’s OTC flows and on-chain metrics for signs of further large bitcoin whale transfers and potential volatility.
Neutral
Although a significant 18,300 BTC moved to Galaxy Digital, the use of OTC distribution and prior smaller transfers helped absorb sell pressure. Bitcoin’s brief dip below $117,000 and swift recovery underscore robust market depth and growing institutional demand, particularly after US ETF approvals. In the short term, the whale’s actions have had minimal impact on price volatility. Over the long term, sustained monitoring of OTC flows and on-chain metrics will be key, but current conditions suggest the market can handle large transfers without triggering a major sell-off, resulting in a neutral outlook.