25.07.2025 09:57

Bitcoin experienced a significant price drop on Friday, plummeting below $115,000, a three percent decrease from its previous value. Intraday lows even touched $114,750, marking the lowest point in a fortnight, a sharp contrast to its recent high of $123,000. This downturn followed a period of consolidation around $117,000–$118,000, where altcoins had been outperforming Bitcoin.

The dramatic fall is largely attributed to the actions of a previously inactive Bitcoin wallet, dormant for fourteen years, which transferred a substantial 80,000 BTC to exchanges via Galaxy Digital. This massive transfer, potentially realized within the last 24 hours, triggered significant selling pressure, breaking key support levels and sending the cryptocurrency market into a tailspin. On-chain data, widely shared across internet sources, paints a clear picture of this activity.

Lookonchain, a prominent on-chain analytics platform, revealed that Galaxy Digital deposited over 10,000 BTC, valued at approximately $1.18 billion, to various exchanges within just eight hours. Subsequent updates from Lookonchain increased this figure to over 30,000 BTC, a staggering $3.5 billion, directed primarily to major exchanges like Binance, OKX, and Bybit. Interestingly, following these substantial BTC deposits, Galaxy Digital also withdrew $1.15 billion in USDT from the same exchanges. Despite this large sell-off, Galaxy Digital still reportedly maintains holdings of 18,504 BTC.

The sudden sell-off resulted in considerable liquidations, with Coinglass reporting over $518 million in leveraged long positions wiped out. This demonstrates the significant impact of a large-scale sell-off on the leveraged Bitcoin market and the ripple effects it can have across the entire cryptocurrency ecosystem.