Mike Novogratz’s Galaxy Digital Sells $89 Million in Bitcoin, Community Stunned

Smart Whale tracker Lookonchain has reported that a short while ago, Galaxy Digital transferred a hefty amount of Bitcoin to the Coinbase Prime exchange.

This investment fund focused on cryptocurrencies is spearheaded by the renowned Bitcoin bull and former Goldman Sachs partner Mike Novogratz.

Those were four massive transfers that carried a total of 1,652 BTC worth $89,928,189.

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

— Lookonchain (@lookonchain) September 7, 2024

The cryptocurrency community was set abuzz by the news of this transfer to Coinbase Prime as multiple crypto enthusiasts left comments under the tweet, expressing their deep concern over this sale by Novogratz’s company.

Bitcoin price plunges pushed down by this trigger

Bitcoin has demonstrated a 5.65% decline over the past 24 hours, mostly driven by a large hourly red candle. Falling from the $56,590 zone, it collapsed to $53,400. By now, a small increase of 1.53% has been added and the flagship cryptocurrency is changing hands at $54,354 per coin.

Bitcoin was hit by a large sale that started in the stock market following Nvidia sell-off after it received a subpoena from the American Department of Justice.

QCP: Nvidia (NVDA) continued to sell off, weighing down on broader US equities indices and crypto prices. Even as crypto gapped lower overnight, the options market was relatively calm. The desk even saw large put selling through the session. We are observing front-end vols…

— Wu Blockchain (@WuBlockchain) September 7, 2024

Behavior strategy in case Bitcoin falls to $40,000 by Samson Mow

Bitcoin bull and JAN3 Chief Executive Officer Samson Mow has published a tweet, sharing his take on the present state of the crypto market sentiment. He responded to the expectation that is beginning to form in the market by some traders that BTC might decline further and hit $40,000.

For those who believe in that scenario (himself not among those), Mow offered several options in which to act. The first one was “HODL + keep stacking.” The second one was slightly different — “HODL and stop stacking.” The third option was to sell all the BTC stash and “rage quit.” The last on the list came a suggestion to “sell everything + buy the bottom.”

However, Mow warned that since he believes that Bitcoin “will reach $1.0 million sooner or later,” there will first be “sat/cent parity” followed by “sat/dollar parity.” Therefore, he explained, options number two and four are “losing proposition.” Besides, trying to go for number four would take a lot of luck, Mow said.

Finally, Mow concluded his tweet by saying, “Given everything we know, option #1 is the only winning play.” Which is “HODL and keep stacking.”

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