Bitcoin (BTC) prices failed to break through the $110,000 (approximately 110 million Korean won) mark and are showing signs of fluctuation. Market caution is rising as US cryptocurrency investment bank Galaxy Digital launches a new round of selling.
Galaxy Digital recently sold 1,531 BTC on-chain, worth approximately $168.41 million (about 168.4 billion Korean won) at the current market price. CryptoQuant, a cryptocurrency data analysis firm, believes this move sends a "clear signal" of short-term selling pressure.
Galaxy Digital's sell-off is not an isolated incident, but rather a chain reaction. As early as October 24, 411 BTC were transferred out, and in the second quarter of this year, it handled a large-scale sell-off of up to 80,000 BTC for institutional clients.
The background to Galaxy Digital's sell-off has been partially clarified. The company acts as a "crypto commercial bank," intermediating large-scale cryptocurrency transactions for institutional and hedge fund clients, with most transactions conducted over-the-counter (OTC). Therefore, it can be inferred that this sell-off may also stem from client fund allocation needs.
However, market sentiment remains complex. The cryptocurrency fear and greed index recently fell back into the "fear" zone, indicating a contraction in investment sentiment. In contrast, Bitwise CEO Hunter Horsley offers a completely different perspective: "With regulatory risks easing at the $110,000 mark, institutions are actively entering the market." He stated that "market enthusiasm on the X (formerly Twitter) platform is currently at an all-time high."
Nevertheless, the continued outflow of funds from ETFs (exchange-traded funds) is still seen as a signal that the market needs to remain cautious. Predictions that Bitcoin's short-term upward trend may be limited are gaining increasing market acceptance.
