tl;dr
Bitcoin experienced a volatile start to September following an 13% drop in August, with a modest recovery tempered by selling pressure from major players like Galaxy Digital. On-chain data indicates large wallets linked to Galaxy Digital have been offloading Bitcoin, raising concerns about a poten...
Bitcoin’s rollercoaster ride in early September has left investors both hopeful and wary. After tumbling over 13% in August, the cryptocurrency staged a modest rebound, but whispers of selling pressure from major players like Galaxy Digital have cast a shadow over its recovery. On-chain data reveals a troubling trend: large wallets tied to the digital asset management firm are quietly offloading Bitcoin, potentially stifling the rally.
Galaxy Digital, a key player in the crypto space, has long been a bellwether for market sentiment. Recently, its wallets have been linked to massive outflows. On September 4 alone, 691 BTC vanished from these addresses—a red flag for analysts like Maartunn, who warns that such movements often precede sharp sell-offs. Over the past month, Galaxy Digital’s wallets have consistently drained between 600 and 2,400 BTC, mirroring Bitcoin’s August slump.
But the story doesn’t end there. A dormant Bitcoin wallet, inactive for over a decade, reawakened in early September, moving 0.25 BTC worth $28,000. While the transaction was modest, it signaled a deeper phenomenon: early-era “Satoshi” whales—holders from Bitcoin’s infancy—are still active, even as the price hits six-figure levels.
Meanwhile, a broader trend is unfolding. Cauê Oliveira, a crypto analyst, reports that Bitcoin whales have sold over 100,000 BTC in the past 30 days—the largest monthly outflow since 2022. Yet, despite this deluge of selling, Bitcoin’s price hasn’t cratered. The reason? A surge in demand from institutional investors.
Blocktrends data reveals that companies accumulated $43 billion worth of Bitcoin in 2025, the biggest inflow in history. In the first eight months of this year alone, firms invested $12.5 billion—surpassing 2024 totals. These entities now hold over 6% of all BTC, a 21-fold increase from 2020. This institutional appetite has acted as a shock absorber, cushioning Bitcoin against the weight of whale selling.
Adding to the intrigue, Ecoinometrics notes that Bitcoin’s volatility remains unusually low. Its 30-day realized volatility is lower than 83% of the weeks in the past decade, even as macroeconomic uncertainty looms. “Uncertainty yes, panic no,” the firm quips, highlighting Bitcoin’s growing maturity.
So, what does this mean for the future? The interplay between whale selling and institutional buying suggests Bitcoin is evolving from a volatile speculative asset into a more stable store of value. But with Galaxy Digital’s wallets still leaking BTC and dormant whales stirring, the road ahead remains anything but smooth. One thing is clear: Bitcoin’s resilience is no longer a fluke—it’s a feature.