Galaxy Digital Transfers $267 Million in BTC Off Exchanges
CryptoNewsTerminal Staff17 Sep, 2024
Galaxy Digital Transfers $267 Million in BTC Off Exchanges
On-chain analyst The Data Nerd revealed that an address linked to Galaxy Digital has withdrawn a total of 4,491 BTC (approximately $267 million) from exchanges in the last week. This movement suggests that Galaxy Digital, a cryptocurrency investment management firm, is not entirely convinced of the present bull market or could be taking a cautious stance. The address in question now has a balance of 8,790 BTC ($532 million), implying that the firm has accumulated a substantial amount of bitcoin. While the reasons for this transfer remain unknown, it's evident that Galaxy Digital is proactively managing its digital asset portfolio. This could also be a sign of the firm's commitment to long-term bitcoin ownership as the broader crypto market remains in uncharted territory. It's worth noting that this news follows recent statements from Galaxy Digital CEO Mike Novogratz, who expressed some caution about the bull market's sustainability. In an interview, Novogratz highlighted the role of macroeconomic factors in influencing the crypto market's trajectory and the importance of risk management in such a volatile market. ---
