Galaxy Digital wallets have routed over 17,000 BTC to major exchanges within the past 24 hours, according to data from Arkham Intelligence.
The transactions, totaling more than $1.7 billion at current prices, involved deposits to Binance, OKX, Bybit, and Bitstamp, following a wave of internal transfers from the firm’s primary custodian address.
On-chain data indicates the bulk of the funds arrived in a handful of high-volume transactions, including a single 10,000 BTC deposit, which analysts associate with a custodial arrangement. Arkham data shows that the newly received Bitcoin remained static for several days before Galaxy began transferring it to exchange wallets.
Bitcoin’s price has fallen approximately 2.5% in the last 24 hours, trading around $115,600 at time of writing. CryptoSlate data shows daily volume above $94 billion, suggesting traders are responding to increased sell-side pressure.
On-chain analysts noted that a portion of Galaxy’s outgoing Bitcoin is reaching exchange hot wallets in staggered batches, typically a pattern associated with distribution rather than custody migration.
Galaxy Digital frequently handles assets on behalf of institutional clients. The nature of the recent flows suggests a strategic unwind is underway. Still holding more than 60,000 BTC, the firm has the option to continue offloading assets or return them to cold storage. Analysts remain focused on on-chain indicators to determine whether the current selling trend will persist.
