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💡Billions in #Bitcoin# Sold on Exchanges as Liquidations Top $500 Million
Analysts warned that large scale Bitcoin holders moved billions in Bitcoin to exchanges early Friday morning.
Popular CryptoQuant analyst Maartunn said on X that crypto financial services firm Galaxy Digital shifted $3.7 billion worth of Bitcoin early this morning.
He said of the 35,568 BTC that had been moved to exchanges in the past 10 hours, 26,100 worth of Bitcoin—including a portion moved by Galaxy—was moved by short-term holders and sold at a loss. Galaxy oversees asset management and custody on behalf of clients, so it wasn't necessarily moving its own funds to exchanges.
The impact of the $BTC sales has been severe, Maartuun wrote.
"Selling pressure is mounting—and it's hitting Bitcoin hard," he said, adding that BTC open interest has increased by $3.8 billion.
Did you think bitcoin will recover soon?