Mike Novogratz's Galaxy Digital once again increased its holdings in Bitcoin by buying 400 BTC today. On-chain data revealed a notable $23 million haul by the digital asset manager despite the BTC price recently falling below $59K.
This latest rally has fueled bullish sentiment for the asset across the broader crypto market. Moreover, this massive accumulation attracted additional bullish attention due to some positive market dynamics that followed this massive buying.
BTC price dropped to $58K at the start of the week. Nevertheless, Mike Novogratz's Galaxy Digital's decision to buy BTC massively has fueled significant market optimism, as a strategy to buy when the price is falling.
Based on data from Arkham Intelligence, the digital asset manager's wallet address purchased 400 BTC, worth $23.40 million, from the Binance crypto exchange today, August 19. The total holdings of this wallet address increased to 3.15K BTC, worth $184.56 million, with this massive accumulation.
This rally also exerted significant buying pressure on the asset, reinforcing investor optimism about future price movements. Furthermore, a comment by a well-known crypto market analyst in the near future also highlights a bullish aspect for this coin.
Today, cryptoanalyst Ali Martinez uploaded a post on X, calling attention to Bitcoin's post-halving cycle. Using historical data, the analyst revealed that the market is currently in the early stages of this cycle. "It's been 119 days since the BTC 2024 halving. In the past two cycles, BTC reached a market peak around 530 days after the halving," added the analyst. This suggests that the broader market has yet to see a new Bitcoin ATH (All-Time High) for this cycle.
However, the price of BTC decreased by 3% in the last 24 hours to reach the price level of $58,205, contrary to the stated development. The 24-hour low and high were recorded at $58,264.90 and $60,262.72 respectively. It should be noted that Bitcoin shorting has increased significantly in recent days, in line with today's somewhat bearish market sentiment.
Even so, the collection mentioned by Mike Novogratz's Galaxy Digital and the analyst's comments have provided an optimistic perspective on BTC's future potential. Coinglass data indicated a 1.5% drop in futures OI (Open Interest) to $30.01 billion today. However, derivatives volume jumped by 40% to $40.04 billion, sparking speculation among investors.
On the other hand, the CME FedWatch Tool shows 71.5% expect a rate cut of 25 basis points, while 28.5% expect a cut of 50 basis points. Given the current market scenario, a rate cut could provide a significant boost to the broader crypto market.