Bitcoin (BTC) turned green again in early September after closing August with a more than 13% drop. However, recent movements suggest large wallets linked to Galaxy Digital may create selling pressure that could hinder the recovery.
On-chain data also reveals a shift in Bitcoin whale behavior in September.
Galaxy Digital Wallets Indicate Bitcoin Selling in Early September
Galaxy Digital is a digital asset management firm that provides financial services related to cryptocurrencies, including OTC trading.
Recently, wallets tied to Galaxy Digital have been associated with large-scale whale transactions, drawing greater attention. Observers believe outflows from these wallets may signal potential Bitcoin sell pressure.
According to analyst Maartunn, an hourly outflow of 691 BTC was recorded on September 4.
Galaxy Digital Balance Change. Source: CryptoQuant.“This kind of outflow can precede near-term sell pressure—watch liquidity, spreads, and price reaction,” Maartunn noted.
The concern appears valid. Charts show that Galaxy Digital wallets consistently recorded multiple outflows over the past month, ranging from over 2,400 BTC to 600 BTC. Meanwhile, Bitcoin’s price trended lower in August.
Moreover, Onchain Lens, another on-chain monitoring X account, highlighted the reactivation of a Bitcoin wallet after 12.8 years of dormancy. The wallet moved 0.25 BTC worth $28,000 but still holds 479.44 BTC.
The reactivation of a dormant whale wallet in early September—though smaller compared to the past two months—indicates that early-era whales from the Satoshi period continue to awaken while Bitcoin trades at six-figure levels.
Whales Sold Over 100,000 BTC in the Past Month
Cauê Oliveira observed a broader trend among Bitcoin whales, noting that they sold more than 100,000 BTC in the last 30 days. Blocktrends data shows this is the largest monthly selling wave since 2022.
Bitcoin Whale Balance Changes. Source: BlockTrends“Yes, whales have been dumping the largest amount of Bitcoin this cycle, but the price hasn’t suffered as much as in other periods,” Oliveira commented.
The most reasonable explanation for Bitcoin’s resilience is the strong demand that matched whale selling.
Blocktrends also reported that companies accumulated $43 billion of Bitcoin in 2025, the largest inflow in history. In the first eight months alone, they invested $12.5 billion, surpassing 2024. These firms now hold over 6% of all BTC, 21 times higher than in 2020.
A report from Ecoinometrics also shows that Bitcoin’s volatility remains extremely low despite macroeconomic uncertainty.
Bitcoin’s Volatility Headmap.Source: Ecoinometrics“Right now, Bitcoin’s 30-day realized volatility is lower than 83% of the weeks in the past 10 years. Uncertainty yes, panic no,” Ecoinometrics stated.
This strong accumulation demand has significantly improved Bitcoin’s ability to absorb sell pressure. It has also made the asset less volatile. Such stability is a key trait of a maturing asset, helping Bitcoin move away from the long-standing perception of being a high-risk instrument in traditional finance.
