Liquidity Still Supportive, Despite Whale-Induced Drag
Jul 25, 2025
• 6
Min Read
Author
Core Strategy
Crypto Equities Portfolio
Whale Games
Last week, shortly after BTC hit a new all-time high of $123k, we noted movement from a wallet created back in 2011. An OG whale was transferring ~$9.5B of BTC to Galaxy, presumably in a large OTC deal, with some BTC also making its way to exchanges for sale. This activity triggered a roughly 6% drawdown from the local peak.
Last night, on-chain sleuths reported that Galaxy had started moving the remaining BTC acquired in that OTC sale to exchang...