Today, Bitcoin is bleeding around $115,500–$116,000, down about 2–3%. The broader crypto market also saw the bloodbath, with total market capitalization falling nearly 5–7% in the past 24 hours. This pullback follows a near-record rally, suggesting profit-taking is in full swing. Bitcoin is back under pressure after Galaxy Digital, a major crypto investment firm, moved billions to various exchanges over the past 9 hours.
These large transfers have sparked fresh concerns of a possible sell-off, especially as BTC dipped nearly 2% in the same 24-hour period.
Why is Bitcoin down Today?
Spot On Chain flagged a major Bitcoin transfer by Galaxy Digital, which deposited 11,910 BTC (worth $1.39 billion) to several exchanges in just 9 hours. These funds appear to come from a “Bitcoin OG” wallet that offloaded 80,202 BTC, over $9.5 billion, between July 15 and 18 at an average price of $118,950. Earlier, on July 15, Galaxy had already sent 2,000 BTC ($236M) to Binance and Bybit. This sudden activity has raised fears of a large-scale sell-off, coinciding with a ~2% dip in BTC price over the last 24 hours.
While these transfers don’t automatically mean Galaxy is selling, the scale and timing have raised eyebrows, especially with Bitcoin showing weakness just above $115K, its lowest level in weeks.
Market Challenging the Long Positions?
As this news broke, the futures market saw over $700 million in long position liquidations. This suggests traders were caught off guard, triggering a “long squeeze” where forced selling accelerates price drops. Some believe this pressure is temporary, but it’s clear the market is feeling uneasy.
At the same time, on-chain trackers and analysts are closely watching exchange flows. Many traders fear that such big transfers could eventually lead to more selling, adding to the short-term volatility.
Sentiment Still Holds in the Long Term
Despite the recent dip, broader sentiment hasn’t turned fully bearish. Institutional interest remains strong, especially with Bitcoin ETFs still seeing steady inflows. While short-term fear has crept in, most analysts agree this doesn’t change Bitcoin’s longer-term trend.
Crypto analyst known as T suggests that while institutions may be taking profits near the $115K level, it’s not a sign of weakness. He reminds followers that Bitcoin is still up 500% since ETF approvals, and movements like Galaxy Digital’s recent transfers are likely just routine portfolio rebalancing. He also compares it to MicroStrategy’s early BTC sales, which didn’t stop Bitcoin’s long-term rise.
