Galaxy Digital Boosts Bitcoin Holdings Amid Market Dip, BTC Price May Rise

Galaxy Digital of Mike Novogratz has increased its BTC buy by acquiring 400 more BTC. They have acquired BTC equivalent to $23.40 million.

Galaxy Digital, a cryptocurrency merchant bank founded by Mike Novogratz, has increased its BTC buy by acquiring an additional 400 BTC.

This brings Galaxy Digital’s total BTC acquisition to 3,150 BTC, valued at approximately $23.40 million at the current market price ($58,559).

According to the data, Galaxy Digital made its latest BTC purchase through Binance. The move comes as the market is employing a buy-the-dip technique following the recent slide in Bitcoin price, which fell below the $59,000 mark.

Galaxy Digital may be strategically utilizing this market volatility to enhance its position in the crypto market.

Moreover, the large-scale buying has put more buying pressure on Bitcoin, which bodes well for investors. This deal aligns with Galaxy Digital’s strategy of expanding its exposure to crypto assets, a tactic that has proven valuable as the market continues to undulate.

The firm’s actions also indicate a strong belief in the future value of Bitcoin.

Galaxy Digital Holdings' Bitcoin Prices May Rise Following AcquisitionThe market has reacted positively to Galaxy Digital’s acquisition, albeit cautiously.

While Bitcoin experienced a 2.56% decrease in the last 24 hours, the acquisition has sparked speculation that Bitcoin prices may be poised to rise again.

However, the increasing Bitcoin shorts and a slight decrease in the futures open interest level suggest bearish sentiment, but the market is still observing the possibility of further upward moves.

Blockchain analyst Ali Martinez noted that the struggle is still in the early stages of the post-halving cycle, indicating the potential for further gains.

Martinez highlights that Bitcoin has typically hit its market top 530 days after a halving event, suggesting the possibility of a new all-time high. Considering this and Galaxy Digital’s recent behavior, the long-term outlook for Bitcoin appears promising.

It's been 119 days since the 2024 #Bitcoin halving. In the last two cycles, $BTC hit a market top around 530 days post-halving. If history repeats, we're still in the early stages of this cycle! pic.twitter.com/Yxxo7DLfsg

Galaxy Digital's acquisition also coincides with other market conditions, such as the anticipated interest rate cut by the Federal Reserve (Fed).

The CME FedWatch Tool indicates a 71.5% probability of a 25 basis point cut, which is expected to benefit digital currencies. The anticipation of such a cut and Galaxy Digital’s positive positioning on Bitcoin may lead to increased buying pressure in the coming weeks.

Additionally, the average daily turnover of derivatives has increased by 40% to $40.04 billion, suggesting a high level of speculative trades in the market. This can be interpreted as traders positioning themselves for a major price action.

These factors, combined with Galaxy Digital’s recent acquisition, could set the stage for a rebound in Bitcoin price, supporting the bullish sentiment.

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