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 maximising 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.

I had a conversation with Plur Daddy yesterday, and with his help, I also concluded that Galaxy manipulated the price.