Best Crypto to Buy Now After Galaxy’s $9B Bitcoin Dump

In a move that shows the institutional power driving Bitcoin’s value, Galaxy Digital Inc., a diversified financial services company focused on digital assets, blockchain finance, and growing AI infrastructure/data centers, recently conducted one of the biggest Bitcoin transactions to date.

More than 80,000 BTC, cumulatively valued at upwards of $9 billion, were sold by the digital asset company. This marked one of the biggest exits of institutional players from BTC.

Why was it done? According to Galaxy’s post on PR Newswire, it was part of a broader estate planning strategy.

Is this an indicator of BTC losing steam among institutional players, and will the top digital asset remain the best crypto to buy now? Such questions have now grown legitimate, since one institution has done what the community hoped it wouldn’t do: sell off its BTC holdings.

The Sell-off Was a Multi-Staged Effort

Naturally, the entire bulk of BTC did not move in one go. Lookonchain revealed the transaction through a tweet, which showed transfers of 30,000 BTC to exchanges, followed by 2,850 BTC, then 10,000 BTC, and so on.

The crypto community naturally entered a state of panic, with one crypto enthusiast named Wolfer asking, “What are they doing?”

Responses to the comments revealed that whales were unloading through Galaxy, while others stated that it was bound to happen since Galaxy acquired BTC through OTC deals.

Among other investors, the panic was even more brutal, with some imploring law enforcement to “stop these criminals.”

At the same time, however, Galaxy has withdrawn USDT from exchanges. Some investors also believe that since Galaxy’s CEO is an Ethereum believer, the funds may be swapped for ETH soon, which could be considered good for altcoins that are fighting for dominance.

Impact on the Bitcoin Price

The Galaxy BTC dump did crash the Bitcoin price yesterday, forcing the apex crypto to correct around the $115K zone. However, the market is rebounding again. It is possible that the dumped BTC was scooped up by whales, who quickly grabbed the “buying the dip” opportunity.

At the time of writing, Bitcoin is trading above the $117K level, having experienced a surge of over 1.7% in the last 24 hours.

The cryptocurrency is still in its consolidation phase, which means it may take some time for it to reach new highs.

Citigroup is optimistic about the price action, though, stating that BTC still has enough mileage to hit a new high. It says that institutional interest could help the apex crypto reach $199,000.

Best Crypto to Buy Now – Top Picks for Investors

For some, Galaxy’s dumping of Bitcoin is a sign of an oncoming storm, and for others, it is just another strategic way to focus on other altcoins. Given that the Bitcoin price has surged after the massive $9 billion sell-off, the latter could be true. But since the market is uncertain, here are a few altcoins that could provide better investment opportunities.

Bitcoin Hyper

The only reason institutions hold most of the power when it comes to Bitcoin is the crypto’s limited use case. Bitcoin Hyper is an attempt to alter that by pushing the OG crypto into a new and utility-centric direction.

Although Bitcoin Hyper presents itself with meme-like imagery, it focuses on providing Bitcoin with the best L2 scaling solutions to date. It envisions a faster, scalable, and more efficient Bitcoin, capable of handling smart contracts and hosting multiple decentralized applications.

Solana Virtual Machine integration, Lightning Network, and a Canonical Bridge are just a handful of technologies it has adopted to make this a reality.

While it may look like a long shot, the architecture and the tech document shown by developers indicate that they know what it will take for the traditional Bitcoin network to become more utility-centric.

Currently in presale, Bitcoin Hyper has raised close to $5 million to date. Analysts have also viewed it positively, stating that it has high potential.

Snorter

Since there is a belief that the Galaxy CEO might have dumped BTC in a bid to focus on altcoins, projects such as Snorter could have the most to gain.

Snorter is a trading bot on Telegram, offering users a chance to find and invest in new Solana-based meme coins automatically to capitalize on the Solana meme coin narrative.

Equipped with scam protection tools, Snorter also safeguards users from honeypots and rug pulls.

Also, since it is active on Telegram, Snorter includes social trading traits, helping users engage with copy trading.

At the center of this utility meme coin is a mascot: an aardvark. This unique animal communicates how to extract gains from a market when it goes volatile, which is one reason it has gained a lot of attention.

Not only has the project raised more than $2.4 million in presale, it has also gotten many analysts singing its praises.

Wall Street Pepe

Galaxy dumping BTC and pretty much controlling the Bitcoin price narrative for a time, however short it was, is a sign that corporations continue to control the market.

Wall Street Pepe (WEPE) portrays itself as a rallying cry that stands against that, aiming to give power to the people, to retail investors.

At the center of this meme coin project lies Office Pepe, a new Pepe mascot who has grown tired of the big players having all the control over the meme coin market. Through its Alpha Trading Chat, the project lets members engage with a community of degen and knowledgeable traders, gaining access to trading signals that could result in massive gains.

When Wall Street Pepe was on presale, it raised upwards of $70 million in a short time, becoming the biggest meme coin presale to ever happen. Now, it has expanded its ecosystem to Solana, giving even more investors a chance to become part of its degen economy.

Since that announcement, WEPE has gone up by more than 27%, and its potential to grow is still increasing, as the project is constantly evolving.

Conclusion

Galaxy’s massive Bitcoin dumping sure has made people nervous, but it is not the end of the world. The Bitcoin price has shown that the power of decentralization can make it bounce. While it might not necessarily be the best crypto to buy now, given that it is a high-cap token whose profit potential only lies with long-term investors, it has still paved the way for altcoins with a higher pedigree for profit generation.

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