According to Yu Jin’s analysis, after the Galaxy Digital address transferred 22,610 BTC (about 2.6 billion USD) to multiple addresses and trading platforms today, the selling pressure of the “80,000 BTC ancient whale” of 80,202 BTC (about 9.53 billion USD) may have been digested by 68,000 BTC. If there is another wave of selling, the coins of the “80,000 BTC ancient whale” can be completely digested.

Since July 15, when BTC was transferred to GalaxyDigital for sale, a total of about 68,000 BTC have been transferred to multiple trading platforms and addresses in the amount of several hundred BTC per transaction. The sales method should be secondary market sales and OTC. Among them:

14. 000 BTC entered Binance;

8. 975 BTC entered Bitstamp;

7. 420 BTC entered Bybit;

7. 150 BTC entered OKX;

And about 30,400 BTC were transferred to multiple independent addresses (possibly OTC buyers).

There may be about 12,000 coins (about 1.38 billion US dollars) that have not been sold. Considering the current market liquidity, it will not have much impact to digest the remaining coins.