Skip to content

Company

Galaxy Research

Galaxy Research is the research arm of Galaxy Digital, a digital-asset financial services firm, publishing analysis on crypto markets and trading trends.

Known aliases

  • Galaxy Digital Research
  • @glxyresearch

Current stories

investConfirmed6 publishers

US government sends $1 billion of seized Bitfinex bitcoin to unlabeled wallets

Wallets tied to the US government moved 12,267 seized Bitfinex bitcoin, worth about $1 billion, to new unlabeled addresses. No exchange deposit was recorded, CoinDesk reported. Whether Washington is selling turns on the smaller sums it sent to Coinbase Prime.

Perspective Coverage

6 publishers
Builder
Builder 5%
Operator
Operator 27%
Investor
Investor 68%

Reality

Evidence60
Adoption
Not scored
Hype gap+10
Incentives
Not scored
Confidence55
investConfirmed4 publishers

Sixteen-year-old bitcoin worth $8.5 million moves from an address that had spent 549 other coins

About 100 bitcoin mined in July 2010 moved for the first time in more than 16 years, a stake now worth roughly $8.5 million. Whoever moved them can now sell them, though no sale shows on the record and both new wallets sat untouched a day later.

Perspective Coverage

4 publishers
Builder
Builder 29%
Operator
Operator 16%
Investor
Investor 55%

Reality

Evidence76
Adoption
Not scored
Hype gap+12
Incentives
Not scored
Confidence72
investOne report1 publisher

US government sends $770m of seized bitcoin to Coinbase Prime in its biggest outflow since 2024

The US government moved 9,261 bitcoin worth about $770 million to Coinbase Prime, its largest outflow since December 2024, Galaxy Research data showed. The venue is the US Marshals Service's custody desk, so a deposit there does not confirm a sale.

Reality

Evidence55
Adoption
Not scored
Hype gap+10
Incentives
Not scored
Confidence50
investConfirmed3 publishers

Washington's $770 million bitcoin transfer to Coinbase Prime raises questions over no-sale order

US government wallets sent 9,261 bitcoin worth $770 million to Coinbase Prime in two days, according to Galaxy Research. With half from the Bitfinex hack and a 2025 order barring sales, custody or restitution fits the record better than a sale.

Perspective Coverage

3 publishers
Builder
Builder 12%
Operator
Operator 38%
Investor
Investor 50%

Reality

Evidence58
Adoption
Not scored
Hype gap+12
Incentives
Not scored
Confidence60
investOne report1 publisher

Morton family breaks up crypto investor Deus X Capital to start separate AI and fintech vehicles

Deus X Capital's Morton family backers are winding up the crypto investor by Jan. 31, 2027, to set up separate AI and fintech vehicles. Only one of the three Mortons named is backing AI, and Deus X declined to give its capital, so the size of the AI side cannot be measured.

Publishers:coindesk.com

Reality

Evidence45
Adoption
Not scored
Hype gap+20
Incentives55
Confidence50
investOne report1 publisher

CFTC lets exchanges drop expiry dates from index futures that already trade as perpetuals

CFTC staff will let Coinbase Derivatives and other exchanges drop expiry dates from broad-based security index futures under relief that lapses October 20. Coinbase's contracts already priced like perpetuals, so the letter mainly rewrites their legal terms, and the open question is whether any other exchange uses it.

Reality

Evidence45
Adoption
Not scored
Hype gap+30
Incentives55
Confidence40
investConfirmed2 publishers

Compound's Proposal 612 would hand COMP voters a ten-day veto over treasury moves

Compound's COMP holders are voting to stretch treasury delays from two days to ten and give governance a cancel over treasury transactions. That moves treasury control to the token vote, the subject of a September dispute over the Compound Foundation's use of DAO reserves.

Reality

Evidence64
Adoption
Not scored
Hype gap+12
Incentives58
Confidence62
investOne report1 publisher

After a $23.75 million oracle-credential drain, Ostium rebuilds its trading stack around Gateway

Ostium is rebuilding its trading stack around Gateway, three months after an attacker holding legitimate oracle-signer credentials drained $23.75 million. The new system has to keep execution fast enough for institutional hedging and also show that stolen credentials can no longer push a false price through.

Reality

Evidence55
Adoption
Not scored
Hype gap+35
Incentives65
Confidence45
investConfirmed9 publishers

BitGo absorbs NYDIG's derivatives desk to sell institutions the whole trade lifecycle

Thirty people and a book of institutional trading relationships changed hands on terms nobody disclosed, which leaves the $4.329bn of quarterly revenue BitGo is now trying to put a spread on as the number to read.

Perspective Coverage

9 publishers
Builder
Builder 16%
Operator
Operator 36%
Investor
Investor 48%

Reality

Evidence70
Adoption40
Hype gap+25
Incentives55
Confidence65
investOne report1 publisher

Celestia asks for $1.5 million to fix a blob business that earned 6,500 TIA last month

Celestia's revised blob economy package puts paid capacity commitments and bonded services to TIA holders, and its own definition of revenue concedes that the cheapest data availability in the market is not yet paying validators.

Reality

Evidence52
Adoption40
Hype gap+40
Incentives70
Confidence45
investOne report1 publisher

DeFi borrowers unwound $7.79bn of the $11.33bn drop in crypto lending

Galaxy Research puts outstanding crypto-collateralized loans at $56.16 billion after a third straight quarterly decline. Its own dollar figures make that 28.6% below the Q3 2025 peak, against a stated 40.13%.

Reality

Evidence30
Adoption45
Hype gap+32
Incentives72
Confidence38
investOne report1 publisher

Kamino recruits a Yieldstreet founder to turn Solana's $4bn of tokenized assets into collateral

Solana holds 12% of tokenized-asset market value but handled 32% of the dollars traded in the year to August 18, at a median trade size of $29. Michael Weisz's job in New York is to turn that into loan demand.

Reality

Evidence52
Adoption24
Hype gap+30
Incentives72
Confidence48
investConfirmed3 publishers

Solana adds 2,864 bytes to its transaction ceiling at epoch 1035

Transaction V1 went live on Solana mainnet at epoch 1035 with a 4,096-byte ceiling. Senders opt in and the older formats keep working, so the required updates fall on RPC providers, indexers and explorers.

Perspective Coverage

3 publishers
Builder
Builder 37%
Operator
Operator 30%
Investor
Investor 33%

Reality

Evidence80
Adoption52
Hype gap+28
Incentives60
Confidence72
investOne report1 publisher

Trezor's spoofed alert reused the language of the $112.7m Coldcard exploit

The email telling Trezor owners their recovery phrases might lack entropy came from a real trezor.io address and passed DKIM, SPF and DMARC, and it described a defect close to the one that took 1,778.84 BTC from Coldcard users.

Reality

Evidence42
Adoption55
Hype gap+22
Incentives58
Confidence45
investOne report1 publisher

Dee Goens takes over a Zora protocol that cleared $6,165 of revenue last month

Four straight quarterly declines took Zora Coins from $5.64m to something like a $74,000 annual run rate, and the recovery plan now rests on custom pairs, expansion to three chains, and holder rewards whose size has not been disclosed.

Reality

Evidence55
Adoption12
Hype gap+32
Incentives65
Confidence55
investOne report1 publisher

Hyperscale Data reprices Dowagiac's power at $3 million a megawatt-year

Dowagiac's bitcoin miners went dark on September 1 so that 20 megawatts could be leased to an unnamed California neocloud at roughly $3 million per megawatt-year. The customer's cash in the door so far is $10.6 million.

Reality

Evidence40
Adoption30
Hype gap+58
Incentives75
Confidence38
investOne report1 publisher

Strive's 13% preferred funds a ninth straight day of buying at 29% of last week's pace

Nine days of purchases paid for by a security that disburses cash every business day is a demand read on the preferred rather than on bitcoin. The coins Strive bought last week at $79,431 are marked at $77,100.

Reality

Evidence58
Adoption61
Hype gap+24
Incentives72
Confidence54
investOne report1 publisher

ETF buying outruns the oldest bitcoin wallets by roughly ninety to one

Decade-dormant coins are moving at an unusual clip while Warsh talks the Fed hawkish, so the tempting read is old supply against ETF demand. Divide the two flows and one side is ninety-six times the other.

Publishers:decrypt.co

Reality

Evidence38
Adoption55
Hype gap+26
Incentives52
Confidence44
investOne report1 publisher

Hyperliquid clears close to 30% of perp DEX volume. Machi's $12.7M week is just the receipt.

One account's 84-fold three days on Hyperliquid is a curiosity. The venue clearing close to 30% of all perp DEX volume, by its reporter's own totals, is not.

Reality

Evidence33
Adoption54
Hype gap+38
Incentives62
Confidence40

Earlier coverage