Galaxy Digital’s $23 million Bitcoin purchase, despite BTC falling below $60,000, has sparked optimism in the crypto market.
Despite Bitcoin’s recent decline below the $60,000 threshold, on-chain data indicates that this acquisition is approximately $23 million.
Positive sentiment in the broader crypto market has been awakened by this substantial acquisition. Given the recent decline in the price of Bitcoin (BTC) to approximately $58,000, the action is being perceived as a strategic buy-the-dip play.
The 400 BTC was acquired by Galaxy Digital’s wallet, 12QVsf.., from Binance on August 19, according to Arkham Intelligence. The wallet’s total holdings are now 3,150 BTC, which is equivalent to approximately $184.56 million, as a result of this acquisition.
The substantial increase in holdings has resulted in a significant increase in purchasing pressure, which has fuelled investor optimism regarding Bitcoin’s future performance.
Furthermore, recent comments from crypto analyst Ali Martinez have emphasized the positive aspects of Bitcoin’s market cycle.
Martinez emphasized that historical data shows Bitcoin is currently in the initial stages of its cycle following the halving.
In previous cycles, market maxima occurred approximately 530 days following the halving. This implies that the market may still be anticipating a new all-time high for Bitcoin.
