Binance, Bybit, and Others Absorb Over 30K BTC From Galaxy Wallet Transfers
Galaxy Moves Over 30,000 BTC — Binance and Bybit Lead the Receivers
In a massive on-chain shake-up, wallets tied to Galaxy Digital have moved over 30,000 BTC across exchanges and anonymous wallets within a 14-hour period. The transfers—first flagged by blockchain analysts—have caught the attention of crypto market watchers around the globe.
The flows follow a high-profile movement of 80,000 BTC earlier this month from a long-dormant 2011 bitcoin whale, who eventually transferred the stash into Galaxy-associated wallets.
Breakdown of the 27K+ BTC Outflows
From the estimated 30,000+ BTC, analysts were able to track 26,971.916 BTC, with roughly $1.43 billion (12,355.315 BTC) flowing into unlabeled wallets. These could represent:
- Cold storage consolidations
- OTC trades
- Institutional transfers
- Collateral placements
The rest was distributed across major crypto exchanges and counterparties:
| Exchange/Wallet | BTC Received |
|---|---|
| Binance | 5,500 BTC |
| Bybit | 3,754 BTC |
| OKX | 2,880 BTC |
| Bitstamp | 2,469.001 BTC |
| Coinbase Prime | Smaller deposits |
The largest single transfer involved 515 BTC, split across 40+ transactions.
BTC Price Reacts With 3% Dip
The timing of these massive flows coincided with a ~3% dip in Bitcoin’s price, sparking speculation about their market impact. While no direct link has been confirmed, the volume and speed of the transfers have raised concerns about short-term selling pressure or liquidity reshuffling.
Galaxy Still Holds $1.5B in BTC
Despite the outflows, Galaxy Digital remains a major BTC holder. According to Arkham Intelligence, as of 2 p.m. EST Friday, Galaxy’s tagged wallets still hold:
- 12,952 BTC (~$1.5 billion)
- $381 million in ETH, SOL, USDT, USDC, and other assets
- $42.59 million in Coinbase’s wrapped bitcoin token (wBTC)
What’s Behind the Transfers?
While some BTC landed on exchanges, a significant amount went to unattributed wallets, hinting at more strategic institutional activity rather than retail dumping.
Whether this move is a broader strategic positioning by Galaxy or a one-off internal reshuffle remains to be seen. Either way, analysts expect these flows to remain under close watch in the coming weeks.
