Hey everyone, Liam here. 

Quick question: What do you do when an asset hits record highs?

You sell. And if you’re Mike Novogratz, you sell a lot. 

On Thursday, the crypto mogul’s firm, Galaxy Digital, sent heaps of its Bitcoin stash to exchanges. Some $3.4 billion, to be precise, according to Arkham Analytics.

Sending crypto to exchanges doesn’t necessarily mean someone is selling their coin. That being said, Galaxy has withdrawn $1.5 billion in stablecoins. 

Whether Bitcoin was already sitting on the exchange is unclear. Galaxy Digital could be making these moves on behalf of another client or moving into other investments. 

On July 18, for example, a Bitcoin address that had been dormant for 14 years sent $9.5 billion in Bitcoin to Galaxy.

Galaxy Digital did not immediately respond for comment. 

Either way, after a bullish week, any selling activity makes sense. 

And given the recent dip in markets, Galaxy clearly isn’t the only outfit trimming its portfolio after such an eye-watering rally. 

In the last quarter, Bitcoin has soared more than 22%. Ethereum, previously the laggard, jumped a whopping 106% over the same period. 

Even the memecoin market, comprising useless cryptocurrencies based on internet jokes, has surged by nearly 40% in the past month. 

Indeed, perhaps a breather was in order. 

Analysts suggest that this is all fairly standard. 

“Any sharp pullback, like profit-taking after recent peaks, could trigger a rapid correction,” James Toledano, the chief operating officer of Unity Wallet, told DL News. “We see this happen all the time.”

Others are as bullish as ever amid the dip. 

Arthur Hayes, the outspoken chief investment officer of Maelstrom, says the premier cryptocurrency will hit $250,000 by year’s end. 

“Bitcoin is the best horse to ride if you believe there will be more units of fiat created in the future,” Hayes wrote on Wednesday.

Roman Storm worried about Tornado Cash ‘re-centralisation’ in private messages

New text messages presented in court on Thursday suggest that Roman Storm may have had more power over the immutable crypto mixer than previously thought. Aleks Gilbert unpacks the argument.

Ethereum ETFs celebrate first year with 11-week ‘god candle’ streak topping $6.4bn

Institutions are finally taking a second look at Ethereum. Over the last six trading days, investment in Ether funds has outpaced that of their Bitcoin counterparts. Kyle Baird explains why.

Aave whales withdraw $1.7bn in Ethereum and trigger scramble to unwind looping trades

What happens when a pod of crypto whales withdraw $1.7 billion from crypto’s largest lending platform? Turns out, a whole lot. Tim Craig reports.

Post of the Week

As cryptocurrencies, dApps, and all manner of decentralised finance shenanigans become ubiquitous, it may well be time to start preparing our children for the future.

DL News is an independent news organisation that provides original, in-depth reporting on the largely misunderstood world of cryptocurrency and decentralised finance. From original stories to investigations, our journalism is accurate, honest and responsible.