A July 4 target date for advancing crypto market-structure legislation through the Senate is now looking less certain, according to Galaxy Digital’s head of research. Senate Calendar Creates A Bottleneck Alex Thorn revised his probability estimate for the CLARITY Act passing in 2026 from 75% down to 60%, citing a Senate schedule that has grown increasingly crowded with competing priorities. Related Reading: XRP Monthly RSI Drops To All-Time Low As Market Watches For Confirmation Next week’s agenda is expected to be taken up largely by FISA-related business following a failed reauthorization vote, leaving little room for crypto legislation to advance. Thorn said the obstacle is no longer political will — support for the bill has not collapsed. The problem is time. i just sent this note to clients lowering my odds of 2026 clarity act passage from 75% immediately post-markup to 60% today i said in may that the senate calendar was one of the biggest hurdles, and that picture has worsened. last night the FISA reauth vote failed, so now next… pic.twitter.com/2EcxMb3Hwh — Alex Thorn (@intangiblecoins) June 5, 2026 Unresolved Issues Add To The Delay Two sticking points remain on the table: lawmaker ethics rules and illicit finance provisions tied to the bill. Neither has been resolved, and the lack of movement on both fronts has further complicated the path forward. Despite the lowered odds, Thorn said he remains optimistic about the bill’s eventual chances — though he cautioned that the timeline is now more fluid than many had assumed. The CLARITY Act is widely considered the most consequential crypto legislation currently before Congress. Its central aim is to settle a long-running dispute between the Securities and Exchange Commission and the Commodity Futures Trading Commission over who regulates what in the digital asset space. Under the proposal, tokens classified as commodities would fall under CFTC oversight, while those deemed securities would stay with the SEC — a distinction that would reshape how exchanges operate and what compliance requirements apply to crypto projects. Supporters say federal clarity on those boundaries would cut regulatory uncertainty and keep crypto development from migrating abroad. A Window That May Be Closing Senator Cynthia Lummis had previously pointed to July 4 as a marker for getting market-structure legislation moving in the Senate. Related Reading: Bitmine Seeks $300M Raise To Accelerate Ethereum Accumulation Strategy Thorn’s revised figure puts pressure on that informal target. His assessment reflects scheduling constraints, not a shift in how lawmakers view the bill itself. For crypto stakeholders awaiting regulatory certainty, the revised outlook points to a potentially longer path toward comprehensive legislation. Featured image from Unsplash, chart from TradingView
Bitcoin carried nearly all of May’s inflows. Monthly flows into crypto treasury companies dropped to $180 million for the month, the weakest level since October 2024, and Bitcoin-linked firms accounted for almost all of it with $177 million. Smaller additions went to ZCash, Story and Sui, while Litecoin posted a $1.89 million outflow. The fall was steep. May’s total was down 95% from April’s $4.4 billion and about 93% below the monthly average from January through May, after March and April each cleared $4 billion. Related Reading: Bitcoin Faces Prolonged Downtrend Through 2027, Analyst Warns From Election Surge To Slower 2025 The latest drop comes after a sharp burst of buying late last year, when DAT inflows climbed past $12 billion after the 2024 US election results and a friendlier policy backdrop. DefiLlama’s figures show the trend then cooled through 2025, staying below $10 billion a month until late summer before slipping again. That left treasury firms with a tougher pitch. The market crash that followed added pressure, and companies that rely on token accumulation alone now face more scrutiny from investors than they did during the boom. Yield Pressure Is Reshaping Treasury Firms Galaxy Digital has argued that the old buy-and-hold approach no longer carries the same weight, and that treasury firms need to put assets to work through staking, validator services, DeFi lending or other active uses. Patrick Ngan of Zeta Network Group said companies holding Bitcoin need to show they can do more than park the asset on a balance sheet, while businesses with real cash flow may be better placed than pure holders. Arthur Firstov of Mercuryo said ETFs give institutions a low-cost, liquid way to get straightforward crypto exposure, which makes it harder for listed treasury firms to keep trading at a premium. He added that staking can help proof-of-stake treasuries produce revenue, but it cannot fix weak operations, heavy dilution or balance-sheet losses. Related Reading: Bitcoin Could Enter Freefall If This Level Cracks: Analyst The shift is already visible in hybrid models. Grant Cardone has linked Bitcoin with multifamily housing in a treasury-style structure that also draws on rental income and property gains to support more BTC buying. For now, the numbers show a sector that has lost speed fast. Bitcoin still dominates the field, but the latest data leaves little doubt that the easy money phase has faded. Featured image from Unsplash, chart from TradingView
The digital asset firm launched OTC prediction markets trading for institutions and completed a $10 million trade tied to U.S. crypto legislation with hedge fund Arca.
Galaxy's new OTC prediction markets desk could reshape institutional risk management by integrating event-driven strategies with broader asset hedging.
The post Galaxy launches OTC prediction markets desk for institutional investors appeared first on Crypto Briefing.
A New York lawsuit is seeking to treat some of Bitcoin’s oldest dormant wallets, including addresses tied to the cryptocurrency’s creator, as lost property valued at less than $10 each. The amended complaint asks a state court to grant legal ownership of 39,069 Bitcoin addresses to a pseudonymous plaintiff identified as Noah Doe and two […]
The post New lawsuit claims Satoshi Nakamoto’s Bitcoin is “Lost Property” worth under $10 per wallet appeared first on CryptoSlate.
Galaxy Digital became the second company this year to secure a New York BitLicense, following Strike’s approval in March.
The CLARITY Act could be signed into law in the week of Aug. 3 if Congress keeps pace after a bipartisan Senate Banking Committee vote moved the crypto market structure bill into its next phase, Galaxy Digital’s research arm said. Galaxy Research raised its estimate of the bill’s chances of becoming law in 2026 to […]
The post CLARITY Act could be signed into law by President Donald Trump in early August — Galaxy Digital appeared first on CryptoSlate.
The Galaxy Sharplink Onchain Yield Fund would receive $100 million from Sharplink’s staked ETH treasury and $25 million from Galaxy.
The fund lets institutions earn yield on stablecoins while moving cash onchain with round-the-clock access.
Startup Fence uses blockchain technology and tokenization in the background to automate processes that many asset managers still rely on manual workflows.
Galaxy Digital reported a tough start to the year as crypto prices fell and market values broadly contracted. In its first-quarter (Q1) results, the company reported a net loss of $216 million while the total crypto market capitalization slid by roughly 20% during the same period. Despite that difficult environment, Galaxy CEO Mike Novogratz said in an interview with Bloomberg that Hyperliquid (HYPE) helped the company avoid even worse outcomes. Galaxy Digital Q1 Snapshot In Galaxy’s Q1 2026 reporting, the company attributed the net loss primarily to the depreciation of digital asset prices over the quarter. The firm also posted an adjusted gross loss of $88 million, along with an adjusted EBITDA loss of $188 million. On a per-share basis, Galaxy reported diluted and adjusted EPS of $0.49. Even with the losses, Galaxy Digital ended the quarter with a solid balance sheet, including total equity of $2.8 billion and cash plus stablecoin holdings totaling $2.6 billion as of March 31, 2026. The company said it ended Q1 with approximately $5 billion in assets under management and $3.2 billion in assets under stake. Related Reading: XRP $10 By 2027? Top Expert Flags Two Must-Happen Catalysts For A Bull Run At the same time, the firm reported that its asset management segment generated $69 million in net inflows across the quarter, suggesting demand still existed even as pricing pressure weighed on performance. Novogratz’s comments focused on how Galaxy Digital managed risk and exposure while markets moved against crypto. He said the balance sheet “lost money because crypto prices were down,” but argued Galaxy “way outperformed” what would have happened if it had not taken steps to adjust its positions. Hyperliquid As The ‘Future Of Crypto’? According to Novogratz, the company cut some positions and shifted a significant portion of its level two exposure into Hyperliquid. He described Hyperliquid as one of the tokens he has discussed previously and indicated that the platform’s structure stands out in the sector. In explaining the reasoning behind Galaxy’s support, Novogratz said he backed Hyperliquid “mostly because it’s got an economic model,” contrasting it with other tokens he described as being more “association tokens.” The executive added that Hyperliquid provides a way to look at what the future of crypto could look like, framing it as a more substantive approach compared with projects that function differently. Galaxy Digital’s relationship with Hyperliquid goes beyond investment interest. The company has significant exposure to Hyperliquid’s native token, HYPE, and it also acts as a validator on the network. Bitcoin Over $100,000 Again? Novogratz also addressed Bitcoin’s (BTC) current price action. He noted that if Bitcoin manages to climb back above $100,000, it may still be difficult for the asset to sustain that level depending on broader economic conditions. Related Reading: Solana Prepares For The Quantum Era: Foundation Details Step-By-Step Transition He pointed out that to reach that price “you’re going to need a few things to happen,” and emphasized that easing from central banks would be central to the equation. However, he cautioned that macroeconomic pressures are unlikely to ease quickly, citing inflation concerns tied to current events. Galaxy Digital CEO referenced the war in Iran and said “we’ve got some pretty ugly inflation prints that are going to come through the pipeline,” adding that, in his view, “I don’t think the Fed does anything but sits and watches.” Despite the quarterly loss, Galaxy Digital’s stock (trading under the ticker symbol GLXY) surged around 4% during Tuesday’s trading session, reaching $26 per share. Meanwhile, Hyperliquid’s native token saw a 5% loss and retraced to $39. Featured image from OpenArt, chart from TradingView.com
Galaxy secured approval to double its Helios data center power capacity to over 1.6GW, building on its strategic expansion into AI infrastructure.
The company's Nasdaq debut was a turning point toward infrastructure-led growth in the digital economy, said Novogratz.
Mike Novogratz’s crypto financial services firm said unauthorized access was limited to a segregated R&D workspace; trading systems and client accounts were unaffected.
Developers are already working to address quantum risks, and investors shouldn’t mistake a long-term challenge for an immediate threat, according to Galaxy Digital’s head of research Alex Thorn.
Wall Street’s attitude toward Bitcoin has flipped from euphoric to deeply skeptical after last year’s crowded long trade unraveled, according to Galaxy Digital head of research Alex Thorn. In an interview on What Bitcoin Did, Thorn said the shift has less to do with conspiracy theories or a single bearish catalyst than with exhausted demand, heavy long-term holder selling, and a market now struggling to find a fresh narrative. Thorn pushed back on claims that firms such as Jane Street are to blame for Bitcoin’s weakness, calling that line of thinking “Twitter cope.” He argued that most of the outrage reflects frustration with price action rather than evidence of deliberate suppression. “What do we think the actual incentive would be for them to suppress the price?” Thorn said. “Bitcoin’s a multi-trillion, well whatever it is, one-point-something-trillion-dollar asset. It’s hard to manipulate markets of scale in a specific direction because it is a free market and it’s a large one.” – bitcoin didn’t crash because of jane street – whale distribution was significant, inevitable, necessary, healthy – wall st negativity on BTC is real but wrong – bitcoin’s fundamental value is real and right – you need to be robotmaxxing or you’ll be forever framemogged https://t.co/GUMAARf7Pl pic.twitter.com/QQhDy3RNrg — Alex Thorn (@intangiblecoins) February 28, 2026 Why Wall Street Is Wrong On Bitcoin His broader explanation was more straightforward. From late 2024 through the period between the US election and inauguration, he said, being long Bitcoin was “the most popular trade in the world.” That changed as capital rotated elsewhere. AI-linked equities, semiconductor names, energy plays, quantum stocks and gold all began attracting attention, while Bitcoin’s momentum faded. Related Reading: Bitcoin Whale Inflows On Binance Reach Highest Level Since 2022 At the same time, Thorn said, long-term holders were consistently distributing coins into strength. He described that selling as structural rather than alarming. “That’s literally how distribution occurs and it’s how you make money in a trade,” he said, arguing that older holders taking gains is part of Bitcoin’s maturation rather than a sign of failure. He went further, framing the whale distribution as constructive for the network over the long run. “Technically you want more selling. You want it distributed to people who buy it at a higher cost basis,” Thorn said. “The realized price is higher and that’s a good thing. That means people, with enormous amounts of money, are willing to buy Bitcoin at really high prices. To me that’s a core signal of adoption.” Still, Thorn acknowledged that sentiment has deteriorated sharply, especially among professional investors. In his view, Bitcoin’s failure since September to behave like “digital gold” damaged the story many allocators had bought into. Wall Street, he said, took that label too literally. Related Reading: Fidelity Thinks Bitcoin May Be Leaving Its 80% Crashes Behind “We didn’t mean it was going to trade with a high beta to GLD,” Thorn said. “Its features are gold-like. Its trading behavior hasn’t fully caught up to that yet. The delta between those two things, if you believe it eventually closes, that’s your alpha.” That mismatch has helped sour institutional mood just as broader macro fears have worsened. Thorn said investors are anxious about AI from both directions: that it may fail to justify massive capex, or succeed so thoroughly that it destroys jobs and destabilizes markets. If equities roll over on the back of that uncertainty, he suggested, Bitcoin may struggle to stay insulated. Even so, Thorn drew a line between short-term sentiment and long-term conviction. “We really should focus on explaining its fundamental purpose and use cases and value to a holder of Bitcoin as the reason that it goes up,” he said. “Stop begging for Jay Powell to buy your bags. That’s not nearly as durable as the reason it going up being that people deeply understand the savings technology that is Bitcoin.” For Thorn, that is the real story now: Wall Street may have turned negative, but the longer-term battle is still about whether more investors come to see Bitcoin as a durable store-of-value asset rather than a passing macro trade. At press time, BTC traded at $66,109. Featured image created with DALL.E, chart from TradingView.com
Bitcoin’s long-term price outlook is a major talking point, with veteran trader Peter Brandt recently floating a bold timeline for when the leading cryptocurrency could hit $250,000. The comment came in response to a chart shared on X by NBA legend Scottie Pippen, who showed how Bitcoin’s current structure looks familiar. Brandt not only agreed with Pippen, he also attached a projection that points to a specific year for a when the Bitcoin price will eventually trade above $250,000. Power Law Projection Points To 2029 Breakout According to veteran financial analyst Peter Brandt, Bitcoin is on track to setting off to $250,000-plus by late 2029. He only noted this with a simple sentence, but the projection to $250,000 is visible in the weekly candlestick price chart he shared alongside his prediction. Related Reading: Don’t Fall For The Bitcoin Trap: Analyst Explains Why Recovery To $76,000 Is Not A Good Thing The chart shared by Brandt shows Bitcoin trading within a broad upward-sloping channel that has defined its macrostructure for over a decade. The lower boundary, highlighted in green, appears to act as a recurring support zone during major consolidations. The upper red band connects the different peaks over the years. The current structure is playing out in a way where Bitcoin has been trending downwards after a strong multi-year advance that peaked in late 2025. Brandt’s projection extends the channel forward into 2029, where the middle band of the channel intersects near the $250,000 price level. $250,000 is a recurring Bitcoin price target among crypto participants, although the predictions have different timelines as to when Bitcoin will reach this price level. For instance, Fundstrat’s Tom Lee is also of the notion that Bitcoin will trade at $250,000 soon, although this came with a warning. Analysts at Galaxy Digital have also floated the same target, although on a faster timeline around 2027. That projection, however, came with expectations of an unstable 2026 before any strong rally. Scottie Pippen’s 2020 Comparison Brandt’s forecast was triggered by Scottie Pippen’s post comparing Bitcoin’s current setup to its 2020 structure. In Pippen’s side-by-side chart comparison, the left panel shows Bitcoin’s CME Futures in mid-2020 forming a base before launching into the rally that culminated in the 2021 highs. Related Reading: Bitcoin Ready To Bounce Again? The Major Accumulation Trend You Should Be Aware Of The right panel, which shows current price action in 2026, depicts a similar consolidation pattern above a green support zone. The visual comparison suggests that Bitcoin is now in a comparable pre-breakout phase like it was in 2020. In 2020, Bitcoin consolidated for months before breaking into a parabolic move. As such, although the long-term view is bullish, there’s a high probability that Bitcoin will continue to consolidate around its current price level before going on an aggressive 2021-style rally. At the time of writing, Bitcoin is consolidating below $70,000. The leading cryptocurrency is currently trading at $66,150, having lost 1.8% of its value in the past 24 hours. Featured image from Pixabay, chart from Tradingview.com
The firm's asset-management chief says the recent crypto selloff reflects healthy deleveraging, while infrastructure growth and institutional adoption support a bullish outlook.
Crypto expert Tony Severino has opined that Bitcoin isn’t just showing signs of a yearly top but also that the BTC price may have hit a 16-year cyclical peak. This comes amid the flagship crypto’s recent crash to $60,000, which sparked fears of a bear market. Bitcoin May Be Showing Signs Of A Peak Amid BTC Price Crash To $60,000 In an X post, Severino alluded to the yearly Bitcoin chart, which he said looks like a 16-year cyclical peak rather than just a yearly top. The expert also outlined several reasons this appears to be a major cyclical top for the BTC price. First, he noted that the white candlesticks have been decreasing in size over time, while black candlesticks engulf more white candles with each appearance. Related Reading: Bitcoin Price Just Hit A 15-Year Trendline After The Crash, What This Means Furthermore, Severino highlighted the Doji at the top of a rising wedge pattern while the Evening Star is in progress, which is a bearish reversal signal for the BTC price. Meanwhile, the Fischer Transform is crossing bearish with divergence, and the Stochastic is crossing bearish after being rejected from 80. He added that Bitcoin’s Relative Strength Index (RSI) is falling back below 70 after making it above this level on the highest timeframe chart. His analysis comes as the BTC price continues to decline, suggesting the crypto market may be in a bear market after topping last October. Bitcoin dropped to as low as $60,000 earlier this week, suffering its largest daily decline since the FTX collapse. Veteran trader Peter Brandt has also opined that Bitcoin is in a bear market, predicting that it could still drop to as low as $42,000 before it sees a bottom. Reason For The Recent BTC Crash BitMEX co-founder Arthur Hayes has commented on the reason for this recent Bitcoin crash, suggesting that it was due to external factors rather than part of an ongoing bear market. In an X post, he stated that the BTC price dump was probably due to a dealer hedging off the back of BlackRock’s BTC ETF structured products. Notably, BlackRock’s IBIT saw a record trading volume of $10 billion on the day of this crash to $60,000. Related Reading: Here’s What To Expect If The Bitcoin Price Maintains Support Above $74,400 Hayes’ comment comes on the back of Bitcoin’s rebound above $70,000, with the flagship crypto recording one of its largest ever daily gains yesterday following the crash to $60,000. Galaxy Digital’s Head of Research, Alex Thorn, suggested that the drop to $60,000 may mark the bottom for the BTC price. This came as he noted that the 200-week MA, which is around $60,000, has historically been a strong entry point for long-term investors. At the time of writing, the BTC price is trading at around $70,000, up over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
The repurchase plan follows a volatile earnings week and signals confidence in the firm’s balance sheet.
CEO Mike Novogratz noted this sale was part of a profit-taking trend among early bitcoin adopters, indicating weakening conviction in the "HODLing" philosophy.
Galaxy generated $426 million in adjusted gross profit for the full year and ended it with $2.6 billion in cash and stablecoins, despite the significant quarterly loss.
The fund will allocate 30% to crypto tokens and 70% to financial services stocks, taking both long and short positions to capitalize on market shifts.
The expansion supports Galaxy's AI and high-performance computing plans, with construction underway on the first phase.
Comments from Galaxy Digital’s leadership have looked into what ultimately sustains value in the crypto market. In a recent YouTube discussion centered on 2026 expectations for Bitcoin, crypto, and artificial intelligence, Galaxy Digital CEO Mike Novogratz and Head of Research Alex Thorn singled out XRP and Cardano, questioning whether even the strongest communities can survive if real usage fails to expand when users have a vast number of alternatives to choose from. Galaxy Digital Leadership Raises Questions About Community Versus Utility During the YouTube discussion, Mike Novogratz presented the utility debate through the lens of capital allocation. He explained that the real question is what an investor chooses when presented with many viable options. If capital can flow into something like SpaceX, then crypto assets must compete on similar grounds. Related Reading: Charles Hoskinson Reveals What XRP And Cardano Are Already Doing 100x Better He acknowledged that XRP and Cardano both have deeply committed communities, but questioned whether that loyalty can be sustained if users do not see any real utility with those ecosystems. “Can Ripple hold it together? Can Cardano hold it together?” Novogratz said. In drawing comparisons, Novogratz referenced Charles Hoskinson, noting his success in maintaining Cardano’s community over time despite it being a “blockchain that people don’t really use a lot.” He made similar observations about XRP’s following, which has a strong community. However, he posed a direct question about sustainability: “Can you keep it together when there are more and more options?” Recent crypto market dynamics have caused capital flows to become more selective. Developers and teams behind blockchain ecosystems all know this, and this is why there has been a race to demonstrate usage, revenue models, or clear value flows tied directly to their tokens. According to Novogratz, that doesn’t happen overnight. It’s probably a year-long process, not a one to three-month process. Cardano And XRP Proving Real-World Relevance The questions raised during the Galaxy Digital discussion arrive at a time when both Cardano and XRP are actively trying to strengthen their utility narratives. Recent events have seen Cardano attempting to reinforce its practical relevance through initiatives like the Midnight sidechain. Midnight is a privacy-focused Cardano sidechain network designed to support confidential smart contracts and selective data disclosure. Related Reading: Flare Launches New Way For XRP Investors To Earn Midnight is intended as a way to attract enterprise and institutional use cases that require compliance-friendly privacy, an area where public blockchains have traditionally struggled. XRP, on the other hand, is taking a different path through Ripple’s hard work to increase the utility of the XRP Ledger. Ripple has been expanding utility around Ripple USD (RLUSD), its US dollar-backed stablecoin, including broader deployment across multiple Layer-2 networks. Ripple has also been on a partnership spree this year in moves to strengthen the utility of the XRP ecosystem, with about $4 billion spent on major acquisitions in 2025. The company also recently partnered with Doppler Finance to explore collaboration in XRP-based yield infrastructure and real-world asset (RWA) tokenization on the XRP Ledger, which is another added utility. Featured image from Pxfuel, chart from Tradingview.com
Williams has helped cement crypto gains in Congress alongside White House allies.
Ripple’s most recent funding round has become one of the biggest crypto-related deals of the year, mainly because of who joined in and how the deal was structured. According to details shared in Bloomberg’s report, major Wall Street names, including Citadel Securities, Fortress Investment Group, Brevan Howard, and Galaxy Digital, put $500 million into Ripple, giving the company a valuation of around $40 billion. This instantly turned the round into one of the strongest signs yet that traditional finance is taking a serious interest in the XRP ecosystem. How Wall Street Structured The Deal To Protect Themselves In early November 2025, Ripple closed a major private equity round that injected $500 million into the company, resulting in a valuation of roughly $40 billion. However, new details show that the most surprising part of the transaction is not the amount raised but the agreement behind it. Bloomberg reports that investors in this round did not simply buy Ripple shares and hope the value rises. Instead, they secured built-in protections that guarantee them profits later. Related Reading: Here’s The Level That XRP Price Must Reclaim To Trigger Another Surge They were given the right to sell their shares back to Ripple in three to four years at a 10% yearly return, unless Ripple goes public before then. At that rate, Ripple would need to pay roughly $732 million to buy the shares back after four years. That means even if Ripple’s valuation stays flat or drops, the investors still walk away with guaranteed gains. However, if Ripple decides to buy the shares back earlier, the investors get an even higher payout of around 25% annualized rate. A liquidation preference was also included, meaning these investors get paid first if anything goes wrong. Ripple noted in its announcement of the investment round that it has repurchased more than 25% of its outstanding shares over the past few years. Why The Deal Is Really A Bet On XRP Even though the investors bought equity in Ripple, not XRP itself, most of Ripple’s value still comes from its massive XRP holdings. According to Bloomberg, two of the funds that put in money noted that at least 90% of Ripple’s net value is tied to XRP. As of July 2025, Ripple held around $124 billion worth of XRP, although most of its XRP holdings are held in escrow. Related Reading: What’s Happening With XRP And Why Did Its Spot ETF Crash 20%? This means the investment round, in reality, is also a bet on XRP’s long-term relevance and future market strength. If the price of XRP grows, Ripple benefits, and so do the investors who now hold equity backed by a company sitting on one of the world’s largest digital asset reserves. However, the $500 million investment does show that serious investors believe Ripple will continue growing, but just that Ripple’s success is still directly linked to the XRP price. Featured image from Adobe Stock, chart from Tradingview.com
Bitcoin leads gains above $106,000, yet a CME gap hints at potential short-term volatility.
Bitcoin was managing a modest bounce early Wednesday following yesterday's tumble below $100,000.
Mike Novogratz’s Galaxy Digital has moved more Bitcoin out of its wallets, stirring fresh debate about whether big players are selling or just handling client business. Related Reading: Bitcoin Drop Shaves $5 Billion From Satoshi Nakamoto’s Untouched Fortune According to on-chain trackers and posts shared by analytics firm CryptoQuant, a total of 1,531 BTC was recently transferred out of wallets linked to Galaxy. Galaxy’s Client Trades Galaxy acts as both a merchant bank and a trading desk for institutions, so large transfers don’t always mean the firm is cutting its own exposure. Reports have pointed out that Galaxy has executed major client orders before — including a notional sale of over 80,000 BTC in the past quarter — and many of those trades are handled off-exchange via OTC channels. Those facts make it hard to read short-term outflows as pure profit-taking by Novogratz’s firm. Galaxy Digital Outflow Spikes ???? Over 1,531 BTC moved out of Galaxy Digital wallets — a clear sign of rising short-term selling pressure in the market. ???? pic.twitter.com/6BdsOZFatM — Maartunn (@JA_Maartun) October 31, 2025 On-Chain Pattern Adds Detail The 1,531 BTC movement follows a string of recorded outflows. For example, trackers logged an outflow of 411 BTC on Oct. 24, suggesting this isn’t an isolated blip but part of several recent transfers tied to the firm’s wallets. Some analysts say the pattern looks like growing selling pressure. Other market watchers say the sums are consistent with client execution and rebalancing. Market Sentiment Split Sentiment indicators show a split mood. Social measures and the so-called Fear and Greed gauge have dipped into fear territory lately. Yet heads of some asset managers argue the opposite. Bitwise CEO Hunter Horsley has said institutions are “rushing in,” and he points to growing institutional interest as a signal that demand is building at higher levels. Those two views sit at odds: visible outflows and rocky short-term flows on one side, and growing institutional allocation on the other. Price Context And What It Means Bitcoin has been trading just a little over $110,000 as these moves happen. That price level matters because traders watch it as a barrier for bulls. When big transfers land near key price points, they get extra attention; some see them as profit-taking, others as routine client service. Either way, the net effect on price depends on whether buyers step in to absorb the supply. Related Reading: Dogecoin Ignites — 60% Volume Boom Teases Potential Rally Signals Traders Are Watching Keep an eye on three items: ETF flows, OTC activity, and on-chain outflows from known custodians. Spot crypto ETFs have shown net withdrawals in recent weeks, which can sap demand even if big institutions are slowly buying elsewhere. If ETF outflows persist while wallets tied to major brokers keep moving coins out, price pressure may rise. But if inflows return to spot ETFs or large buyers match the OTC sales, that pressure can ease quickly. Featured image from Unsplash, chart from TradingView