Mike Novogratz sold a sizable stake in Bitcoin early this month, September.
Smart Whale tracker Lookonchain recently reported that Galaxy Digital transferred a hefty amount of Bitcoin to the Coinbase Prime exchange. Mike Novogratz’s Galaxy Digital is an investment fund that focuses on cryptocurrencies. Mike Novogratz is a renowned Bitcoin bull and former Goldman Sachs partner.
“Smart Whale tracker Lookonchain recently reported that Galaxy Digital transferred a hefty amount of Bitcoin to the Coinbase Prime exchange”
WEALTH TRAINING COMPANY
Mike Novogratz sold a sizable stake in Bitcoin, amounting to 1,652 BTC worth $89,928,189
The cryptocurrency community is scratching their heads about what is going on with the old-time king of crypto bull.
A string of crypto enthusiasts left comments under the tweet, expressing their deep concern over this sale by Mike Novogratz’s Galaxy Digital.
Bitcoin and stocks have had a volatile September. Just seasonal volatility? September historically has the most down months for stocks and other risk-on assets.
Bitcoin, early in the month, declined 5.65% over the past 24 hours, driven by a large hourly red candle. Falling from the $56,590 zone, it collapsed to $53,400. But in week two of the most volatile month of the year, Bitcoin has yet again proven its resilience. The flagship cryptocurrency is changing hands at nearly $57,000 per coin.
Mike Novogratz sold a sizable stake and had little impact on the Bitcoin price.
Bitcoin was hit by a large sale that started in the stock market following Nvidia’s sell-off after it received a subpoena from the American Department of Justice.
“Bitcoin and stocks have had a volatile September”
WEALTH TRAINING COMPANY
The most bearish calls were for Bitcoin to fall to $40,000 by Samson Mow, who describes himself as a Bitcoin bull. On January 3, Chief Executive Officer Samson Mow published a tweet, sharing calls on crypto market sentiment. He responded to the expectation that is beginning to form in the market by some traders that BTC might decline further and hit $40,000. For those who believe in that scenario, Mow offered several options in which to act. The first one was “HODL + keep stacking.” The second one was slightly less bullish —“HODL and stop stacking.” The third option was to sell all the BTC stash and “rage quit.” The last on the list came a suggestion to “sell everything + buy the bottom.”
“Given everything we know, option #1 is the only winning play.” Which is HODL and keep stacking” – Samson Mow
But as mentioned, MOW and Blackrock, the world’s largest investors are Bitcoin bulls.
Black Rock Fund has $18 billion in assets, according to FactSet data, Jul 15, 2024, making it the largest Bitcoin exchange-traded fund.
BlackRock’s 28% Bitcoin Allocation: A Turning Point in Investment History.
Mow thinks Bitcoin “will reach $1.0 million sooner or later,” there will first be “sat/cent parity” followed by “sat/dollar parity.”
Four years ago, Bitcoin was trading near 8K, while the mainstream financial news did its best to keep investors out of embracing the best-performing asset over the last decade.
Mike Novogratz sold a sizable stake in BTC and is out of lockstep with other heavyweight investors
Mow explained that options two and three are “losing propositions.” Trying to go for number four would take a lot of luck, Mow said. “Given everything we know, option #1 is the only winning play.” Which is “HODL and keep stacking.”
So, Mike Novogratz sold a sizable stake in BTC, and will he regret it?
