Galaxy Digital transferred 100 million USD BTC to exchange1, is it dumping or hedging? Is there still a chance for a new high?

BTC's price fell from $73,000 all the way to around $69,000 this week after hitting a record high. In addition, Galaxy Digital, an encryption asset manager, also transferred $100 million worth of BTC to Binance Exchange today, does this mean that market sentiment is about to reverse? (Summary: BTC South Korean market rare "1% discount" indicates BTC reversal is coming? (Background added: BTC broke through 70,000 and Ethereum climbed $2,600, but BTC did not close the position to a new high, suggesting that a reversal is coming? After BTC hit new highs this week, the price fell from $73,000 all the way to around $69,000 last night. In addition, perhaps sensing that market sentiment is shifting, Galaxy Digital, an encryption asset manager, chose to transfer a portion of its BTC holdings to the Binance Exchange today. Transfer of $100 million worth of BTC to Binance According to data analytics platform Arkham, Galaxy Digital Tag Address transferred 1,450 BTC (worth about $100 million) to Binance 5 hours ago, seemingly in preparation for the sale. Does the suspected sale of BTC mean a shift in market sentiment? According to Coindesk, this BTCpullback has led the overall cryptocurrency market to fall, which may mean that market sentiment is about to reverse. The article goes on to say that the Fear and Greed Index, an indicator of market sentiment and volatility in encryption, reached the level of "extreme greed" yesterday, which is usually a signal at the top of the market. To this day, the index still shows the level of "greed", indicating that the price may still correct. The Fear and Greed Index is designed to measure the emotional response of the market: when there is extreme fear in the market, it may mean a buying opportunity, while extreme greed indicates that the market may face a correction. According to Coinglass data, the total amount of Get Liquidated in the past 24 hours reached $285 million, the amount of long orderGet Liquidated reached $253 million, and the number of Get Liquidated people on the whole network reached 93,400. When a large-scale liquidation occurs, it may signal a turning point in the market, and prices may reverse due to market overreaction. It is worth mentioning that before this fall, the whole network BTC futures contract did not close the position to a record high. And when the amount of unClose Position is high, it is usually a signal of peak for the coin price. Avoiding the risk of the US election On the other hand, not only the cryptocurrency market has shown a fall trend recently, but the four major indexes of US stocks have also weakened. Since October 30, the S&P500 has fallen 2.5%, the Nasdaq has fallen 3.6%, the Philadelphia Semiconductor has fallen 7.6%, and the Dow Jones Industrial has fallen 1.6%. In addition, Japanese, Korean and Taiwan stocks also showed the same downward trend. In this regard, the author believes that perhaps because the US presidential election is approaching (only 4 days away), the poll gap between the candidates is not large, making it difficult for the market to predict who will govern the United States in the future, resulting in increased uncertainty in the stock market. Therefore, many investors will dump holdings and exit the wait-and-see to avoid the uncertainty caused by the election. Related reports Florida has invested $800 million in Cryptocurrency, hinting that Trump will buy more BTC CoinShares report "BTCMining costs a record high of 49,500 mg!" It's more cost-effective to buy BTC directly Italy intends to "raise BTCCapital Gains Tax to 42%", the local market may collapse? Galaxy Digital transferred $100 million BTC to exchange, dumping or hedging? This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".