In an unprecedented development, Mike Novogratz’s Galaxy Digital has again increased its Bitcoin holdings, bagging a whopping 400 BTC today. On-chain data reveals a notable $23 million accumulation by the digital asset manager despite BTC’s recent pullback below $59K.
The latest accumulation has ignited bullish sentiments for the asset across the broader crypto market. Moreover, the massive accumulation garners additional bullish attention due to a couple of positive market dynamics following the massive purchase.
Mike Novogratz’s Galaxy Digital Bags 400 BTC
As mentioned above, BTC price saw a pullback to the $58K level as this week began. Nevertheless, Mike Novogratz’s Galaxy Digital’s decision to heavily buy BTC has ignited significant market optimism, coming as a potential buy-the-dip strategy.
According to data from Arkham Intelligence, the digital asset manager’s wallet address 12QVsf.. bagged 400 BTC, worth $23.40 million, from the Binance crypto exchange today, August 19. The total holdings of this particular wallet address rose to 3.15K BTC, worth a staggering $184.56 million, with the massive accumulation.
The accumulation also presents the asset with significant buying pressure, solidifying investors’ optimism about future price movements. Moreover, a renowned crypto market analyst’s remarks in the interim have further spotlighted bullish aspects for the coin.
Today, crypto analyst Ali Martinez posted on X today, drawing attention to Bitcoin’s cycle post-halving. Citing historical data, the analyst reveals that the market is currently in the early stages of this cycle. “It’s been 119 days since the 2024 BTC halving. In the last two cycles, BTC hit a market top around 530 days post-halving,” the analyst added. This indicated that the broader market has yet to see a new potential Bitcoin ATH for this cycle.
BTC Price Slips
However, BTC price slipped 3% in the past 24 hours to reach $58,205, contrary to the mentioned developments. Its 24-hour lows and highs were recorded as $58,264.90 and $60,262.72, respectively. Notably, Bitcoin shorts rose considerably in recent days, aligning with the somewhat bearish market sentiment today.
Nonetheless, the abovementioned accumulation by Mike Novogratz’s Galaxy Digital and the analysts remarks have offered an optimistic tint to the asset’s future potential. Coinglass data hinted at a 1.5% dip in futures OI to $30.01 billion today. However, the derivatives volume skyrocketed 40% to $40.04 billion, stirring investor speculations.
The flagship crypto’s 14-day RSI was 43, underlining the presence of slight downside pressure on price. Nonetheless, crypto market participants continue to extensively eye the coin, expecting future price action shifts attributable to looming Fed rate cut expectations.
According to the CME FedWatch Tool, 71.5% expect a 25 basis point cut, whereas 28.5% expect a 50 bps cut. Given the current market scenario, a rate cut could significantly bolster the broader crypto market.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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