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Key Insights:
- Galaxy Digital moved Bitcoins received from the Satoshi-era Bitcoin whale, which recently deposited 80,000 BTC.
- Galaxy Digital CEO Mike Novogratz expects Ethereum to outperform Bitcoin in the second half 2025.
- Ethereum’s weekly spot trading volume surpassed Bitcoin’s for the first time in over a year.
Mike Novogratz-led Galaxy Digital has reportedly dumped 10,000 Bitcoins worth a massive $1.18 billion in the market. Reportedly, the firm received these BTC from the Satoshi-era OG Bitcoin whale, who has moved over 80,000 BTC to the platform in the past few weeks. On the other hand, Novogratz is bullish on Ethereum and expects it to outperform Bitcoin in the rest of 2025.
Galaxy Digital offloads 10,000 BTC, Bitcoin Price Drops 2%
Galaxy Digital has reportedly sold 10,000 Bitcoin (BTC) worth approximately $1.18 billion, according to on-chain data. Over the past three hours, the firm withdrew $370 million in USDT from major exchanges including OKX, Binance, and Bybit.
Over the past month, a Satoshi-era OG Bitcoin whale woke up, moving over 80,000 Bitcoins since then. A large part of this $10 billion worth of Bitcoin was moved to Galaxy Digital, which, in turn, is now depositing it on exchanges.
Following the deposits, the BTC price has come under some selling pressure. As of press time, BTC is down 2% trading at $115,527, while extending its weekly losses to 5%. The daily trading volume has surged 26% to over $86 billion, showing strong bearish sentiment. Also, the Coinglass data shows that the BTC futures open interest has surged 7% to more than $88.54 billion.
Ethereum May Outperform Bitcoin, Says Galaxy Digital CEO
During his CNBC interview on Thursday, Galaxy Digital CEO Mike Novogratz stated that he’s bullish on ETH and expects it to outperform BTC in the rest of 2025. His prediction comes as ETH supply tightens with strong institutional and Ether ETF inflows.
Multiple firms are raising capital to acquire Ethereum, with institutional interest rising. Among them, SharpLink Gaming now holds 360,807 ETH after its most recent acquisition.
Mike Novogratz emphasized that this is not merely retail-driven hype. He noted a surge in genuine institutional inflows, particularly following the approval of Ethereum ETFs, which have introduced significant new capital to the crypto market.
On Thursday, inflows into spot Ethereum ETFs stood at $231, suggesting strong institutional demand. The Fidelity Ethereum Fund (FETH) led the inflows along scooping over $200 million, with the FETH share price surging 4.3% yesterday.
For context, the net issuance on Thursday was approximately 2,524 ETH, while spot ETH ETFs recorded net inflows of around 63,700 ETH. This means ETF demand outpaced new ETH supply by 25 times.
ETH Overtakes BTC In Weekly Volumes
As per the on-chain data, ETH is already surpassing BTC in terms of daily trading volume. Ethereum’s weekly spot trading volume has overtaken Bitcoin’s for the first time in over a year. Last week, ETH recorded $25.7 billion in spot volume, surpassing BTC’s $24.4 billion.
On the other hand, Ethereum (ETH) exchange reserves are nearing all-time lows, a trend generally viewed as bullish. This indicates that investors are opting to hold their ETH off exchanges, signaling reduced selling pressure.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
