TLDR
- Galaxy Digital transferred 2,500 BTC worth roughly $160 million to exchanges in about one hour
- On-chain tracking firm Lookonchain flagged the move on July 10, 2026
- Exchange deposits are commonly seen as a sign a holder may be preparing to sell
- Bitcoin was trading around $63,962 at the time of the transfers
- The move has raised concerns about short-term selling pressure on Bitcoin
Galaxy Digital, a crypto financial services firm, moved 2,500 Bitcoin worth approximately $160 million in under an hour on July 10, 2026.
On-chain analytics firm Lookonchain tracked the transfers and reported that most of the Bitcoin was sent directly to exchange wallets. When large holders deposit Bitcoin to exchanges, it is generally viewed as a sign they may be preparing to sell.
Galaxy Digital transferred out 2,500 $BTC($160M) in the past hour, most of which went into exchanges.https://t.co/b5DKn6FsQ7 pic.twitter.com/gGsm6l0h5n
— Lookonchain (@lookonchain) July 10, 2026
What the On-Chain Data Shows
The transfers were confirmed by multiple blockchain tracking sources, including Lookonchain and Odaily. All reports pointed to exchange wallets as the primary destination for the funds.
Galaxy Digital is one of the larger institutional players in the crypto space. A move of this size draws attention because it can affect the available supply of Bitcoin on exchanges.
At the time of the transfers, Bitcoin was priced at around $63,962. The Relative Strength Index stood at 67.2, and long positions were dominant in the market.
Bitcoin was trading above its 20-day moving average of $61,810 at the time, which analysts view as a support level. However, the price remained below its 50-day moving average of $65,366 and its 200-day moving average of $74,106.
What This Could Mean for Bitcoin’s Price
If Galaxy Digital follows through with spot sales, the added supply on exchanges could put downward pressure on Bitcoin’s price.
Analysts note that if Bitcoin holds above $61,810, it could attempt to retest the $65,300 level. If that support breaks, the next target to the downside is around $59,700.
On the upside, a break above $65,289 could push Bitcoin toward $67,250. A recovery to the 50-day moving average at $65,366 could open the door to a move back toward $74,106.
The U.S. 10-year Treasury yield rising to 4.56% is also seen as a factor limiting Bitcoin’s near-term recovery potential.
Short, mid, and long-term trend forecasts from STAT AI all came in at neutral following the news, with confidence levels ranging from 44% to 48%.
The move is being treated as a short-term supply shock rather than a shift in long-term fundamentals for Bitcoin.
Bitcoin’s dominance in the overall crypto market stood at 56.32% at the time, which analysts see as a defensive signal.
No statement has been issued by Galaxy Digital explaining the reason for the transfers.
The transfers were completed within roughly one hour, according to on-chain data reviewed by Lookonchain on July 10, 2026.
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