Mike Novogratz’s Galaxy Digital has taken more Bitcoin out of its wallets, sparking new debate over whether big players are selling or simply handling clients’ businesses.
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According to on-chain trackers and posts shared by analytics firm CryptoQuant, a total of 1,531 BTC was recently transferred from Galaxy-linked wallets.
Galaxy Customer Operations
Galaxy It acts as a commercial bank and trading desk for institutions, so large transfers don’t always mean the company is cutting its own exposure.
Reports have noted that Galaxy has executed large customer orders before, including a notional sale of over 80,000 BTC in the last quarter, and many of those transactions are handled off-exchange through OTC channels.
Those facts make it difficult to interpret the short-term capital outflows as pure profit-taking by Novogratz’s company.
Galaxy Digital Output Peaks 🚨
More than 1,531 BTC left Galaxy Digital wallets, a clear sign of increasing short-term selling pressure in the market. 📉 pic.twitter.com/6BdsOZFatM
– Maartunn (@JA_Maartun) October 31, 2025
Chain pattern adds details
The move to 1,531 BTC follows a series of recorded outflows. For example, trackers recorded an outflow of 411 BTC on October 24, suggesting that this is not an isolated issue but part of several recent transfers linked to the company’s wallets.
Some analysts say the pattern looks like increasing selling pressure. Other market watchers say the sums are consistent with client execution and rebalancing.
Market Sentiment Split
Sentiment indicators show a divided mood. Social measures and the so-called indicator of fear and greed have lately fallen into fear territory. However, the heads of some asset managers argue otherwise.
Bitwise CEO Hunter Horsley has said institutions are “jumping the gun” and points to the growing institutional interest as a sign that demand is building up to higher levels.
These two points of view are at odds: visible exits and difficult short-term flows on the one hand, and increasing institutional allocation on the other.
Price context and what it means
bitcoin has been trading just over $110,000 as these moves occur. That price level is important because traders see it as a barrier to the bulls.
When large transfers arrive near key price points, they receive additional attention; Some see them as profit-making, others as routine customer service. Either way, the net effect on price depends on whether buyers step in to absorb the supply.
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Signals Traders Are Watching
Look out for three elements: ETF FlowsOTC activity and on-chain exits from known custodians. Spot crypto ETFs have shown net withdrawals in recent weeks, which may undermine demand even as large institutions are slowly buying elsewhere.
If ETF outflows persist while portfolios linked to major brokers continue to withdraw coins, price pressure may increase. But if inflows return to spot ETFs or large buyers match OTC sales, that pressure may quickly ease.
Featured image from Unsplash, chart from TradingView
