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Intelligent whale tracker Lookonchain reported that Galaxy Digital transferred a large amount of Bitcoin to the Coinbase Prime exchange some time ago.
This cryptocurrency-focused investment fund is led by a well-known Bitcoin proponent and former Goldman Sachs partner. Mike Novogratz.
These were four large transfers totaling 1,652 BTC worth $89,928,189.
The news of the move to Coinbase Prime has sent shockwaves through the crypto community, with numerous crypto enthusiasts commenting on the tweet, expressing their deep concerns about the sale by Novogratz's company.
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Bitcoin Price Falls Due To This Trigger
Bitcoin has seen a 5.65% decline in the last 24 hours, mostly due to a large hourly red candle. Falling from the $56,590 zone, it crashed to $53,400. A small gain of 1.53% has now been added, and the flagship cryptocurrency is changing hands at $54,354 per coin.
Bitcoin has been hit by a major sell-off that began in the stock market following a sell-off in Nvidia shares after the company received a subpoena from the US Department of Justice.
Bitcoin $40,000 Strategy by Samson Mow
Bitcoin bull and CEO JAN3 Samson Moe posted a tweet sharing his thoughts on the current state of sentiment in the cryptocurrency market. He responded to expectations that are starting to form in the market among some traders that BTC could fall even lower and reach $40,000.
For those who believe in such a scenario (he himself is not one of them), Mou suggested several options. in which to act. The first was “HODL + keep stacking.” The second was slightly different — “HODL and stop stacking.” The third option was to sell all BTC holdings and “rage quit.” The last on the list was the “sell everything + buy the bottom” suggestion.
However, Mow cautioned that since he believes Bitcoin will “reach $1.0 million sooner or later,” there will first be “sat/cent parity” and then “sat/dollar parity.” Therefore, he explained, options two and four are “losers.” In addition, trying to pick option four would require a lot of luck, Mow said.
Finally, Mow concluded his tweet by saying, “Given everything we know, #1 is the only winning move.” In other words, “HODL and keep accumulating.”