Galaxy Digital, under the leadership of Mike Novogratz, has sold 1,531 Bitcoin, raising concerns about short-term selling pressure in the market. This transaction has contributed to Bitcoin's price dropping below $110,000. Galaxy Digital, known for executing over-the-counter sales for clients such as hedge funds, had previously sold 80,000 BTC in the second quarter. Despite these sales and market fear indicators, Bitwise CEO Hunter Horsley suggests that institutional investors are increasingly entering the market as regulatory risks diminish. However, recent ETF outflows indicate a more cautious approach among some investors.