Crypto Stream
Crypto Stream
BTC+0.48%
There has been a lot of speculation about Galaxy's execution and accusations of price manipulation, but I don't buy it. I am more of the opinion that they follow a simple rulebook and don't care about execution/prices, so they don't even try to nail the top or bottom; they simply execute regardless of the market. The main question is: Why would they sell their Bitcoin now & during illiquid hours when large inflows into Bitcoin are expected next week? Couldn't they just wait for next week to get better prices/execution? One explanation is price manipulation. I heard a lot of theories from filling shorts to hedging to maximizing market impact by selling in illiquid hours to give their institutional friends a better entry price, potentially filling longs at the bottom. But, and this is a very big but, Galaxy Digital Holdings Ltd. is a regulated entity and listed on the Nasdaq. They are subject to oversight from multiple regulators, including the SEC, CFTC, and have compliance requirements around reporting, anti-money laundering, and market conduct. There are 100% rules/checks in place to prevent market manipulation. Especially for a company like Galaxy that sells $9b, it doesn't make sense to play any shenanigans and to put a target on their backs. The correct answer is: They simply execute and don't care about the market.
plur daddy
plur daddy
Pretty clear to me that Galaxy is using the OG whale order to drive price down and get fills ahead of Mara/Saylor splashing in over the next few days. The timing and nature of execution don't offer any other alternative explanations.
I had a conversation with Plur Daddy yesterday, and with his help, I also concluded that Galaxy manipulated the price.
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