Bitcoin Alert: The "Fossil Hand Whale" dumping has not yet ended, Galaxy has once again transferred out 5153 BTC, causing panic.

Bitcoin (BTC) has been turbulent before the weekend, with prices further falling today (25th), currently reported around $115,300. On-chain analysis warns that the Bitcoin whale dumping has not yet ended, and Galaxy's short-term transfer of 5,153 BTC has triggered panic.

According to on-chain analyst Ai Yi (@ai_9684xtpa), the dumping continues, with Galaxy transferring out 5,153 BTC today, totaling a value of 596 million USD, of which 3,313 BTC (383 million USD) were clearly deposited into exchanges, and USDT continues to be withdrawn from exchanges to unknown addresses. Currently, the Galaxy Digital wallet still holds 26,238 BTC.

Ai Yi previously monitored that Galaxy Digital deposited 2,850 BTC into major exchanges, worth 330 million dollars.

Further back, the "fossil hand whale" has deposited 14,273 BTC in batches to various exchanges by Galaxy Digital.

(Source: Arkham)

Bitcoin Price Analysis

The price of Bitcoin may have recently stalled, but the bullish confidence is certainly not, as there are still other Whales continuing to bet millions of dollars, believing that the cryptocurrency market will continue to rise.

Recently, a "Whale" executed an important bullish options operation, aiming to achieve a profit of 200,000 USD by the end of the year. The strategy includes simultaneously buying 3,500 contracts of 140,000 USD December call options listed on DEX, and shorting (or selling) 3,500 contracts of 200,000 USD December call options.

This complex call spread trade resulted in an initial net loss of $23.7 million. As noted by Deribit Insights, "The December 140,000-200,000 call spread dominates, buying low volatility options for the December 140,000 options, funded by the higher volatility 200,000 call options."

If BTC reaches or exceeds the higher strike price (in this case, $200,000) before the expiration date, the strategy will realize maximum profit.

This strategy will result in a net borrowing loss, as the option premium paid for buying a lower strike call option (buying) exceeds the option premium received from selling a higher strike call option. This spread offers limited returns with limited risk, capping the upside potential at $200,000 while ensuring that the maximum potential loss remains within the initial borrowing loss.

Options are derivative products used for speculation or hedging against price fluctuations. A call option gives the buyer the right, but not the obligation, to purchase the underlying asset at a predetermined price on or before a specified future date. The buyer of a call option implicitly has a bullish outlook on the market, while the buyer of a put option implicitly has a bearish outlook.

The spot price of Bitcoin reached a historic high of over $123,000 on July 14, and has since been consolidating in a narrow range between $116,000 and $120,000.