Galaxy Digital Moves $3.4 Billion in Bitcoin to Exchanges Amid Market Cooldown
By Liam Kelly and Eric Johansson | July 25, 2025
In a noteworthy development signaling potential shifts in the crypto landscape, Galaxy Digital, the cryptocurrency investment firm helmed by Mike Novogratz, has transferred approximately $3.4 billion worth of Bitcoin to cryptocurrency exchanges this past week. This substantial movement was uncovered by blockchain analytics firm Arkham Analytics and comes amid a recent cooling period in the crypto markets following a vigorous rally.
Large-Scale Bitcoin Transfers Spark Speculation
On Thursday, Galaxy Digital made waves by moving large quantities of Bitcoin from their holdings to exchange wallets — a common precursor to asset sales or repositioning within the market. It is important to note, however, that transferring Bitcoin to exchanges does not unequivocally indicate an intent to sell. The firm also withdrew $1.15 billion in stablecoins recently, further underscoring potential portfolio adjustments or reallocation of assets.
There remains some uncertainty about whether all the Bitcoin was previously stored off-exchange or if some balance already resided on these platforms. Moreover, some industry observers suggest these transfers might be executed on behalf of other clients or to facilitate moves into alternative investment vehicles.
Adding intrigue, data revealed that on July 18, a Bitcoin address dormant for 14 years activated, sending a massive $9.5 billion worth of Bitcoin to Galaxy Digital’s control, highlighting the firm’s growing influence and trading volume.
Markets Experience a Breath After an Intense Rally
This activity unfolds following a robust period where Bitcoin surged over 22% in the last quarter alone. Meanwhile, Ethereum defied its earlier laggard status with a remarkable 106% gain over the same timeframe. Even the so-called memecoin sector—often composed of joke-based or less conventional cryptocurrencies—recorded a 40% rise in just the past month.
Given such gains, a market cooldown and profit-taking by major players like Galaxy Digital are seen as a natural correction. Analyst James Toledano, chief operating officer of Unity Wallet, told DL News, “Any sharp pullback, like profit-taking after recent peaks, could trigger a rapid correction. We see this happen all the time.”
Outlook Remains Bullish Despite Short-Term Downturn
Despite the recent dip, some investors remain undeterred. Arthur Hayes, chief investment officer at investment firm Maelstrom, emphasized his bullish stance, projecting Bitcoin to reach $250,000 by the end of the year. Hayes tweeted on Wednesday that “Bitcoin is the best horse to ride if you believe there will be more units of fiat created in the future,” alluding to inflationary pressures driving demand for digital assets.
Galaxy Digital has not yet responded to requests for comment regarding these transactions.
Looking Ahead
As cryptocurrency markets continue to mature and attract institutional interest, movements like those executed by Galaxy Digital can provide valuable insights into market trends and sentiment. Investors and market watchers will be closely observing subsequent activity for further signals regarding the trajectory of Bitcoin and broader crypto assets in the coming months.
Liam Kelly is a DeFi Correspondent and Eric Johansson is the interim Managing Editor at DL News. For tips and inquiries, contact [email protected] and [email protected].