Galaxy Digital Transfers $90 Million in Bitcoin to Coinbase Prime

Lookonchain, a smart whale tracking service, recently revealed that Galaxy Digital moved a substantial amount of Bitcoin to Coinbase Prime.

Galaxy Digital, led by well-known Bitcoin advocate and former Goldman Sachs partner Mike Novogratz, completed four large transfers totaling 1,652 BTC, valued at approximately $89.9 million.

The transfer stirred significant excitement within the cryptocurrency community, with many crypto enthusiasts voicing their concerns about the sale in response to the announcement on social media.

Galaxy Digital deposited 1,458 $BTC ($78.5M) to #CoinbasePrime 8 hours ago. pic.twitter.com/y0G1jcXJtv

— Lookonchain (@lookonchain) September 7, 2024

Bitcoin started September on a bearish note, crashing below $53,000 with most altcoins following suit.

Despite this recent correction, many analysts are still bullish on the renewal of the bull run, anticipating a rebound after the Fed lowers interest rates. Another major factor that could play in igniting the said surge will be the outcome of the U.S. elections.

Mike Novogratz is one of the people that are bullish for Bitcoin in the long-term, and his company’s crypto strategy is evidence of that.